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

Cryptocurrency exchange Gate.io has quietly removed a page that displayed an upcoming token sale for the Pump.fun Solana-based memecoin platform. The page, which was briefly accessible, outlined details of the token sale, including a target raise of $600 million through the sale of 150 billion tokens at a price of $0.004 per token. The sale was scheduled to take place on July 12, 2025. The removal of the page has raised questions about the legitimacy of the sale and the relationship between Gate.io and Pump.fun.

The token sale details included a fully diluted valuation (FDV) of $4 billion and a total supply of 1 trillion tokens. The sale was intended to raise $600 million by offering 15% of the total supply at the specified price. This information was initially made public through a page on Gate.io's website, which was later deleted without any explanation from either company.

The sudden removal of the page has left the community with more questions than answers. It is unclear whether the sale was legitimate, whether it was a hack, or if the details were incorrect. The lack of communication from both Gate.io and Pump.fun has added to the confusion. Gate.io, a well-established cryptocurrency exchange, has faced criticism in the past for listing low-quality tokens and projects associated with scams. Pump.fun, while not the leading memecoin launchpad, has also faced issues related to bots and trader losses.

The community's skepticism is further fueled by the unusual nature of the sale. Typically, a token sale would be conducted on a single platform, but in this case, it was announced to take place on both Pump.fun and Gate.io simultaneously. This has led to speculation about the motives behind the sale and the relationship between the two platforms.

In early June, rumors emerged that Pump.fun was planning to raise $1 billion through a token sale that would value the company at $4 billion. However, neither the platform nor its co-founder, Alon Cohen, confirmed these rumors despite a report at the time citing people familiar with the matter. The platform has facilitated the creation of more than 11 million new tokens with a combined total revenue of approximately 4.4 million Solana (SOL), or roughly $655 million, according to Dune Analytics. However, volumes have plummeted around 75% since the height of the memecoin frenzy in January, according to Dune. DefiLlama reports a steeper 80% slump in daily volume on the platform over the past six months.

On Monday, it was reported that Solana’s newest memecoin launchpad, LetsBonk, doubled Pump.fun’s daily revenue with $1 million, shaking up the leaderboard in the memecoin space. The removal of the page has also raised concerns about the potential impact on the market. In the past, similar incidents have led to significant volatility in token prices. For example, Magic Eden's removal of a TRUMP Wallet announcement led to a sharp decline in the value of its ME token. The current situation with Gate.io and Pump.fun could result in a similar outcome, depending on the reasons behind the page's removal.

Both Gate.io and Pump.fun have yet to provide any official statements regarding the situation. Until further information is released, the community will continue to speculate about the legitimacy of the token sale and the reasons behind the page's removal. The lack of transparency from both companies has left the community in a state of uncertainty, and it remains to be seen how this situation will unfold.