MegaETH’s public token sale oversubscribed by 27.8x as auction officially closes

MegaETH’s public token event officially closed on Thursday, with the project raising millions at a "hypothetical" fully-diluted valuation above $27.8 billion.

Although the event, announced last week and structured as an English auction, was capped at around $50 million, MegaETH allowed participants to place bids even after the token rose to a capped clearing price of $0.0999.

In total, MegaETH saw investors commit over $1.39 billion in capital at the maximum token price. This means the auction was 27.8x oversubscribed, according to the project's website.

The event, scheduled to run for 72 hours, sold out at its minimum guaranteed token price of $0.0001 at a baseline $1 million valuation within minutes on Monday.

MegaETH's English auction also featured a "bimodal allocation process" prioritizing "key contributors" to the ecosystem and ensuring that at least 5,000 participants will receive the baseline allocation starting at $2,650.

Investors could place bids ranging between the minimum of $2,650 and the maximum $186,282 per individual, even after the event was oversubscribed. According to MegaETH, over 50,000 global participants placed a bid.

The team will begin refunding investors who placed a bid under $0.0999 and confirmed that anyone who bid the max will be "reviewed for allocation."

"Review goes until Nov 5th, where allocations will be announced and refunds for unallocated users begin processing," the project said on X.