Crypto Exchange Gate.io Removes Pump.Fun Token Sale Page After Leak

Following the public excitement around the launch of Pump tokens this month, the crypto exchange Gate.io has stirred speculation within the crypto community by quietly removing a page detailing an upcoming token sale for Pump.fun, a Solana-based memecoin platform. However, the page’s removal did not go undetected, as it was initially spotted by X users on Tuesday, leading to confusion and unanswered questions regarding the potential token offering.

Notably, the now-deleted webpage outlined plans for a public sale of the official Pump.fun token, slated to begin on July 12th. According to the cached information, the sale would have offered 150 billion tokens for $0.004 each, representing a fraction of the total supply of 1 trillion tokens.

Gate.io Removes Page Showing Pump.fun Token Sale

The proposed raise would have amounted to approximately $600 million, with the Initial Exchange Offering (IEO) valuing Pump.fun at $4 billion. Moreover, the page stated that the IEO would mark Pump.fun’s “first official public token sale.”

However, Gate.io swiftly removed the page from both its English and Chinese websites, replacing it with a standard 404 “page not found” error. The sudden disappearance has fueled uncertainty surrounding the token sale and the future of Pump.fun’s relationship with the exchange.

Adding to the ambiguity, a response from Gate.io’s support to a user inquiry regarding the takedown stated,

“Following negotiations between Gate and the project, Gate has removed Pump.fun Pre-Market OTC.

Moreover, the incident follows earlier rumors in June suggesting that Pump.fun was considering raising $1 billion through a token sale, valuing the company at the exact $4 billion figure. 

Undeniably, Pump.fun has gained significant traction in January during the memecoin craze, providing a platform for the creation of over 11 million new tokens. Dune Analytics estimates the platform has generated approximately 4.4 million Solana (SOL), or roughly $655 million, in combined revenue.

Pump.fun Growing Concerns

However, since the peak of the memecoin frenzy, trading volumes on Pump.fun have reportedly plummeted, with Dune Analytics indicating a 75% decrease and DefiLlama reporting a steeper 80% decline in daily volume over the past six months.

Recently, Solana’s new memecoin launchpad, LetsBonk, has reportedly surpassed Pump.fun’s daily revenue, generating $1 million and potentially disrupting the competitive landscape within the memecoin space.

The removal of the token sale page by Gate.io introduces further uncertainty for Pump.fun, leaving the crypto community to speculate on the platform’s future plans and the reasons behind the exchange’s actions.

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