Money poured into an online "money bomb" fundraiser for Texas Rep. Ron Paul (R) on Thursday ahead of a Fox News Republican presidential debate.

As of 7:00pm EST, the libertarian-leaning congressman had accumulated over $700,000, according to his website. A previous "money bomb" fundraiser in February raised around $700,000 for Paul. Mercury News has described the strategy, which he often uses, as "a one-day fundraising frenzy."

Paul ran for president as a the Libertarian Party's candidate in 1988. In 2008, he campaigned to become the Republican Party's presidential candidate, but was not nominated.

He announced his third and current presidential bid in April.

Paul has already won a number of straw polls to gauge popularity ahead of the 2012 presidential race, coming out on top in survey's conducted in key South Carolina counties, Sacramento and at the Conservative Political Action Conference.