Gate.io has taken down a webpage detailing an upcoming token sale for Pump.fun, the Solana-based memecoin platform, sparking confusion among investors awaiting its debut.
On Tuesday, July 8, WuBlockchain spotted what appeared to be a leaked listing on Gate.io’s website outlining a public sale of Pump.fun’s official token set for July 12. According to the now-deleted page, 150 billion tokens were to be sold at $0.004 each from a total supply of 1 trillion, implying a fundraising target of approximately $600 million and valuing the project at $4 billion.
Described as Pump.fun’s “first official public token sale,” the Initial Exchange Offering (IEO) page was abruptly taken offline, with both the English and Chinese versions of the listing now showing a 404 error.
Gate.io’s customer support response only deepened the mystery. Addressing inquiries about the removal, support staff stated,
“Following negotiations between Gate and the project, Gate has removed Pump.fun Pre-Market OTC. At this time, there is no confirmed date or announcement for its reopening.”
The mention of “Pre-Market OTC” refers back to Gate.io’s October 2024 decision to halt over-the-counter trading for Pump.fun, although no clear explanation has been given for the takedown of the new token sale page.
Rumours had circulated in early June that Pump.fun was aiming to raise up to $1 billion in a token sale, valuing the platform at $4 billion. Meanwhile, on June 17, a sweeping crackdown on crypto-related accounts hit social media platform X, with memecoin launchpad Pump.fun and its co-founder, Alon Cohen, among those suspended.
Pump.fun shot to prominence in January amid a frenzy of Solana memecoin launches, facilitating the creation of over 11 million tokens and generating an estimated 4.4 million SOL in revenue, around $655 million at current prices, according to Dune Analytics data. Yet, trading volumes have since cratered by approximately 75%, while DeFiLlama data shows an even steeper 80% decline in daily volume over the past six months.
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