zkPass, MegaETH, and Momentum Token Sales Massively Oversubscribed Amid Strong Investor Demand

The Event in Detail

zkPass Protocol

The zkPass protocol launched the sale of its utility ZKP token, surpassing its $2 million target within minutes. The offering garnered over $67 million in allocation requests. zkPass functions as a decentralized oracle protocol, converting private data from websites into verifiable on-chain proofs for Web3 applications without exposing raw data. The ZKP token is designated for settlements, verification, and protocol participation within the zkPass ecosystem.

MegaETH Token

MegaETH concluded its public token sale with commitments totaling $1.39 billion. This exceeded its target by 27.8 times, which aimed to raise $49.95 million for 5% of its 10 billion MEGA token supply. The implied fully diluted valuation (FDV) of MegaETH is estimated at approximately $27.8 billion at the commitment prices. Pre-market activity on platforms such as Hyperliquid observed MEGA trading at 4.2 times the sale price, peaking at 5 times. Allocation calculations are scheduled from October 30 to November 5, with refunds available from November 5-19 and final distributions from November 19-21. The token launch is anticipated in January 2026.

Momentum Decentralized Exchange

The decentralized exchange Momentum, built on the Sui blockchain, completed its MMT token sale in under an hour. The project successfully raised over $82 million from users, significantly exceeding its initial target of $4.5 million by 1,739%. The total supply of the MMT token is 1 billion, endowing holders with both governance and functional attributes, including permissions and incentive mechanisms within its ecosystem.

Financial Mechanics and Valuation Analysis

The substantial oversubscription rates across all three token sales highlight significant investor capital deployed in the nascent crypto sector. zkPass demonstrated demand exceeding 33 times its target, while MegaETH secured commitments 27.8 times its desired raise. Momentum recorded an oversubscription of 1,739% against its target. The implied FDV of MegaETH at $27.8 billion positions it among prominent blockchain projects, indicative of market confidence in its long-term potential despite its tokens not yet being fully distributed. The immediate pre-market price appreciation for MEGA further underscores this strong demand.

Market Implications and Investor Sentiment

The pronounced oversubscription for zkPass, MegaETH, and Momentum token sales signals a robust and bullish sentiment within the cryptocurrency market, particularly for new projects. This trend suggests sustained investor interest in Web3 innovation and foundational blockchain infrastructure. The capital influx into these projects could positively impact their respective ecosystems, fostering development and potentially driving broader adoption. This pattern also indicates a willingness among investors to engage with early-stage crypto ventures, drawing parallels to previous periods of heightened speculation and growth in the digital asset space.