Gate.io Removes Pump.fun Token Sale Page Amid Confusion

Cryptocurrency exchange Gate.io has removed a webpage that displayed details of an upcoming token sale for the Pump.fun Solana-based memecoin platform. The page, which was briefly accessible, showed that 150 billion tokens were to be offered at $0.004 each, out of a total supply of 1 trillion tokens. The sale was scheduled to start on July 12 and was expected to raise around $600 million, with an IEO valuation set at $4 billion.

The removal of the page has sparked confusion and speculation within the community. Gate.io's support team responded to a user inquiry by stating that the exchange had removed Pump.fun Pre-Market OTC following negotiations with the project, but did not provide a confirmed date or announcement for its reopening. This message referenced an October 2024 announcement that the exchange would no longer support over-the-counter trading for Pump.fun.

Rumors about Pump.fun's token sale plans emerged in early June, suggesting that the platform was aiming to raise $1 billion through a token sale that would value the company at $4 billion. However, neither Pump.fun nor its co-founder, Alon Cohen, confirmed these rumors at the time.

Pump.fun, which surged in popularity during the memecoin minting frenzy in January, has seen a significant decline in activity. The platform facilitated the creation of over 11 million new tokens, generating approximately 4.4 million Solana (SOL), or roughly $655 million in revenue. However, volumes have plummeted around 75% since the height of the memecoin frenzy in January.

The sudden removal of the token sale page has raised questions about the legitimacy of the sale and the relationship between Gate.io and Pump.fun. The lack of communication from both companies has left the community with more questions than answers. Some community members have speculated about potential hacking, incorrect sale details, or regulatory concerns as reasons for the page's removal.

The token sale was scheduled to take place simultaneously on both Pump.fun and Gate.io, which some community members found unusual. The lack of clear communication from both companies has only added to the confusion and uncertainty surrounding the situation. The removal of the token sale page has left the community with many unanswered questions, and the situation remains uncertain and potentially volatile until a clear explanation is provided.