Gate.io Quietly Removes $600M Pump.fun Token Sale Page, Sparking Confusion
Crypto exchange Gate.io has deleted a webpage advertising an upcoming $600 million token sale for Solana-based memecoin platform Pump.fun, leading to growing speculation and confusion across the crypto community.
Deleted Page Details Massive Token Sale
On Tuesday, X (formerly Twitter) users spotted a “leaked” token sale page on Gate.io’s website showing details for Pump.fun’s first official public token sale, which was scheduled to start on July 12.
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150 billion PUMP tokens were listed at $0.004 per token.
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This would equate to a raise of $600 million at a fully diluted valuation of $4 billion.
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The total token supply was stated to be 1 trillion.
However, shortly after being discovered, Gate.io deleted the page from both its English and Chinese versions, which now redirect to a 404 error page.
Gate.io Support Statement Adds to the Mystery
The situation became even more unclear when Gate.io support responded to user inquiries, saying:
“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.”
This statement referenced a previous October 2024 notice, in which Gate.io announced it would no longer support over-the-counter trading for Pump.fun. However, the reference seemed unrelated to the newly leaked token sale page, deepening the confusion.
Both Gate.io and Pump.fun founder Alon Cohen have yet to issue any official clarification, despite media requests.
Token Sale Rumors Have Circulated for Weeks
Rumors of a massive Pump.fun token raise have been circulating since early June, with reports claiming the platform was preparing a $1 billion token raise at a $4 billion valuation. At the time, these reports cited anonymous sources, and neither Pump.fun nor its leadership publicly confirmed the plans.
Platform Activity Declines After Memecoin Boom
Pump.fun gained huge popularity earlier this year during a Solana memecoin minting craze, with the platform reportedly enabling the creation of over 11 million tokens and generating roughly 4.4 million SOL (~$655 million) in revenue, according to Dune Analytics.
However, the platform has since seen a major downturn:
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Volume has dropped by 75% from January highs.
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DefiLlama reports an 80% decrease in daily volume over the past six months.
Adding to the pressure, newcomer LetsBonk — a rival Solana-based memecoin launchpad — recently doubled Pump.fun’s daily revenue, registering $1 million in a single day, signaling a potential shift in user preference.
Conclusion
The sudden removal of the Pump.fun token sale page from Gate.io, coupled with mixed messaging from the exchange’s support team and a lack of official comment, leaves the community with more questions than answers. Whether this was a prematurely published page, an abandoned deal, or a miscommunication remains to be seen — but it highlights the continued opacity and volatility surrounding memecoin-related launches.
