Pump.fun token sale page disappears from Gate.io

Cryptocurrency exchange Gate.io has quietly removed a previously visible token sale page for Pump.fun, the Solana-based memecoin platform known for its frictionless token launches.

On July 7, crypto community members on X circulated screenshots of a Gate.io page advertising a sale for Pump.fun’s native token, PUMP, scheduled to begin on July 12. The page detailed a 72-hour initial exchange offering, pricing 150 billion tokens at $0.004 each, implying a raise of $600 million and a fully diluted valuation of $4 billion.

The token sale, if accurate, would mark Pump.fun’s first official public fundraising round. However, the exchange has since deleted the announcement without explanation, with the page now displaying a 404 error. Neither Pump.fun nor Gate.io has addressed the page removal, and no formal updates have been posted by Pump.fun’s co-founder Alon Cohen.

Speculation around a $1 billion raise at a $4 billion valuation first emerged in early June, though the platform has repeatedly avoided confirming or denying the rumors. The now-deleted Gate.io page appeared to align with those earlier reports, indicating a serious move toward monetizing the platform’s success, a plan now in limbo.

Launched in early 2024, Pump.fun allows anyone to create memecoins instantly using a bonding curve model for liquidity and pricing. At its peak during the January memecoin surge, the platform saw daily revenues above $7 million. It has now facilitated over 11 million token creations, generating roughly $700 million in protocol revenue, as per Dune Analytics data.

Yet, Pump.fun has faced increasing legal scrutiny. Following a warning from the Financial Conduct Authority, it was banned in the United Kingdom and is currently facing a class-action lawsuit in the United States regarding alleged unregistered securities.

The abrupt removal of the IEO listing raises concerns about potential shifts in token economics, internal platform decisions, or regulatory pressure. The PUMP token offering’s future is uncertain until a formal statement is made public.