A now-removed Gate.io webpage briefly revealed a $600 million token sale tied to Solana-based meme coin platform Pump.fun. The Initial Exchange Offering (IEO), scheduled for July 12, was expected to offer 150 billion tokens at $0.004. However, Gate.io has taken down the page, leading to uncertainty and speculation across the crypto space.
Pump.fun $600M IEO Page Removed Quietly
Gate.io removed a webpage that had detailed a major public token sale for Pump.fun. The page listed an IEO for the platform’s official token, pricing 150 billion tokens at $0.004. This placed the total valuation of the offering at $600 million.
The planned offering represented 15% of a total 1 trillion token supply, implying a $4 billion project valuation. The page described the event as PUMP“first official public token sale.” The content appeared on both English and Chinese versions before both were quietly pulled down.
Users on X flagged the listing on Tuesday, calling it a “leak.” Gate.io replaced the page with a standard 404 error, which caused speculation about internal disagreements or changes in plan.
Gate.io Cites Talks for Token Takedown
Gate.io’s customer support confirmed the takedown, citing discussions with Pump.fun as the reason.
“Following negotiations between Gate and the project, Gate has removed Pump.fun Pre-Market OTC,” the message said. They added that there is “no confirmed date or announcement for its reopening.”
This contradicted prior expectations, especially after an October 2024 update indicated Gate.io had stopped OTC trading for Pump.fun. That earlier update did not mention any upcoming IEO or token sale. Now, the sudden appearance and disappearance of the sale page have left users confused.
In June, rumors circulated that Pump.fun was seeking to raise $1 billion via token sales. That round was also expected to value the platform at $4 billion. Neither Pump.fun nor co-founder Alon Cohen confirmed those claims, despite media reports citing anonymous sources.
Pump.fun Revenue Strong Despite Volume Slump
Pump.fun has seen a steep decline in trading volume since its January peak. Data from Dune Analytics shows a 75% drop in volume since the height of the memecoin frenzy. DefiLlama reports an even steeper 80% drop over the past six months.
Despite the slowdown, Pump.fun has generated $655 million in revenue from over 11 million tokens. The platform remains a dominant player in the Solana meme coin ecosystem. However, its position is now under threat from rising competitors.
Summary
Gate.io briefly listed, then deleted, a $600 million IEO for PUMP’s official token, sparking confusion and speculation. The token sale, planned for July 12, was to mark Pump.fun’s first official public offering. Gate.io later confirmed the takedown but offered little clarity on the future. As volumes drop and competitors rise, PUMP’s next move remains uncertain.
FAQs
What was Gate.io’s Pump.fun token sale?
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It was an Initial Exchange Offering (IEO) offering 150 billion tokens at $0.004 each, totaling $600 million in value.
Why did Gate.io delete the Pump.fun sale page?
Gate.io cited project negotiations and removed the listing with no confirmed reopening date or public explanation.
What is PUMP?
Pump.fun is a Solana-based meme coin platform allowing users to create and trade meme tokens.
Has Pump.fun raised funds before?
There is no official record of a previous public token sale, making this IEO the first confirmed event of its kind.
Is PUMP still popular?
While it remains active, PUMP’s trading volumes have dropped by up to 80% since early 2024.
Glossary of Key Terms
PUMP – A platform on Solana that enables meme coin creation and trading.
IEO (Initial Exchange Offering) – A fundraising event conducted via a cryptocurrency exchange.
Gate.io – A global cryptocurrency exchange platform.
SOL (Solana) – The native cryptocurrency of the Solana blockchain network.
Pre-Market OTC – Over-the-counter trading available before official public listing.
Token Sale – A method of raising capital by selling crypto tokens to investors.
Meme coin – A cryptocurrency often created as a joke or with viral marketing appeal.
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