Gate.io Pulls Page Hinting at $600M Pump.fun Token Sale

Cryptocurrency exchange Gate.io has quietly removed a webpage that appeared to announce a massive token sale for Pump.fun, a Solana-based memecoin minting platform. On Tuesday, users on X spotted a “leaked” page detailing an initial exchange offering (IEO) set for July 12, describing it as Pump.fun’s “first official public token sale.” The now-deleted page showed plans to sell 150 billion tokens at $0.004 each, aiming to raise around $600 million and valuing Pump.fun at $4 billion. The page was removed from both English and Chinese versions of Gate.io’s website, replaced with a 404 error notice. Adding to the confusion, Gate.io’s support team told a user that “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 referenced an October 2024 decision when Gate.io halted OTC trading for Pump.fun, leaving the status of the potential token sale uncertain . Pump.fun Token Sale Rumors Rumors circulated in June that Pump.fun was planning to raise $1 billion through a token sale, valuing the platform at $4 billion. However, neither Pump.fun nor its co-founder Alon Cohen confirmed the reports at the time. Pump.fun, which gained widespread attention in January during the Solana memecoin minting boom, has seen its activity slow sharply. The platform has enabled the creation of over 11 million new tokens, generating about 4.4 million SOL in total revenue, equivalent to roughly $655 million, according to Dune Analytics. However, daily volumes on Pump.fun have dropped nearly 75% since January, with DeFiLlama reporting an even steeper decline of around 80% over the past six months as the memecoin hype has faded. Competition in Solana Memecoin Space Pump.fun now faces increasing competition in the Solana ecosystem. On Monday, LetsBonk generated $1 million in daily revenue, surpassing Pump.fun’s daily intake and signaling shifting momentum within the memecoin market. As speculation continues around the potential token sale, the incident highlights the challenges memecoin platforms face as they transition from viral moments to maintaining long-term relevance. With Gate.io’s removal of the IEO page, investors remain in the dark about Pump.fun’s next moves amid intensifying competition and a cooling memecoin sector. The post Gate.io Pulls Page Hinting at $600M Pump.fun Token Sale appeared first on TheCoinrise.com .

Source: The Coin Rise