Crypto trading platform Gate.io has discreetly wiped out a page that was previously displaying an impending token sale for the Pump.fun, a Solana-based memecoin platform. On Tuesday, an unexpected webpage leak revealed a public sale of the official Pump.fun token, planned to kick off on July 12.
The page indicated the sale of 150 billion tokens at $0.004 each from a total supply of 1 trillion tokens. The collection would round off to approximately $600 million. The page also mentioned that this IEO (Initial Exchange Offering) is Pump’s “first official public token sale” with a valuation of $4 billion.
However, the crypto exchange later scrubbed the page from both its English and Chinese websites, currently displaying a 404 “page not found” error. A statement from Gate.io support regarding the page removal has only muddled the situation further, stating, “following negotiations between Gate and the project, Gate has removed Pump.fun Pre-Market OTC. Currently, there is no confirmed date or announcement for its relaunch.”
The statement refers to an October 2024 announcement that the platform would no longer support over-the-counter trading for Pump.fun. Cointelegraph attempted to get comments from Gate.io and Alon Cohen, the founder of Pump.fun, but no immediate response was received.
Pump.fun experienced a surge in popularity in January amidst the memecoin minting frenzy. The platform has enabled the creation of over 11 million new tokens with a combined total revenue of about 4.4 million Solana SOLUSD, or approximately $655 million, according to Dune Analytics. However, the platform’s volumes have declined by around 75% since the peak of the memecoin frenzy in January. DefiLlama reports a sharper 80% drop in daily volume on the platform over the last six months.
In early June, rumors circulated that Pump.fun was looking to raise $1 billion through a token sale that would value the company at $4 billion. Neither the platform nor its co-founder, Alon Cohen, confirmed these rumors despite a report at the time citing sources familiar with the matter.
