Gate.io deletes page showing a $600M Pump.fun token sale
Crypto exchange Gate.io removed the webpage showing an upcoming Pump.fun token sale on Saturday, while its support account on X gave a confusing explanation.
Cryptocurrency exchange Gate.io has quietly removed a page showing an upcoming token sale for the Pump.fun Solana-based memecoin platform.
On Tuesday, users of X noticed a “leaked” webpage showing details of a public sale of the Pump.fun official token, scheduled to start on July 12.
The page shows 150 billion tokens being offered at $0.004 out of a total supply of 1 trillion tokens. The raise would amount to around $600 million.
The page states the IEO (Initial Exchange Offering) marks Pump’s “first official public token sale,” and the IEO valuation is set at $4 billion.
However, the crypto exchange later deleted the page from both the English and Chinese versions of the website, now showing a 404 “page not found” notice.
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Gate.io support post adds to confusion
A response from Gate.io support to a user about the takedown has only added more confusion, stating, “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 message references an October 2024 announcement that the exchange would no longer support over-the-counter trading for Pump.fun.
As Reached out to Gate.io and Pump.fun founder Alon Cohen for comment, but did not receive an immediate response.
Token sale rumors
In early June, rumors emerged that Pump.fun was planning to raise $1 billion through a token sale that would value the company at $4 billion.
However, neither the platform nor its co-founder, Alon Cohen, confirmed these rumors despite a report at the time citing people familiar with the matter.
Pump.fun’s popularity wanes after memecoin slump
The Solana-based meme marketplace Pump.fun surged in popularity in January during the memecoin minting frenzy.
The platform has facilitated the creation of more than 11 million new tokens with a combined total revenue of approximately 4.4 million Solana , or roughly $655 million, according to Dune Analytics.
However, volumes have plummeted around 75% since the height of the memecoin frenzy in January, according to Dune.
DefiLlama reports a steeper 80% slump in daily volume on the platform over the past six months.
On Monday, Cointelegraph reported that Solana’s newest memecoin launchpad, LetsBonk, doubled Pump.fun’s daily revenue with $1 million, shaking up the leaderboard in the memecoin space.
