Cryptocurrency exchange Gate.io unexpectedly removed a page dedicated to the upcoming token sale of the Pump.fun platform, sparking interest and questions among users.
Removal of Token Sale Page
Earlier this week, users on platform X noticed a 'leaked' webpage with details about a public sale for the official Pump.fun token, scheduled to start on July 12. The page indicated 150 billion tokens offered at $0.004 each out of a total supply of 1 trillion tokens, potentially raising around $600 million via the Initial Exchange Offering (IEO). However, the page was subsequently deleted by Gate.io, and users are now met with a 404 ‘page not found’ notice.
Gate.io Response and Growing Confusion
A response from Gate.io support to user queries has only added to the confusion, stating 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.' This message referenced a previous announcement about the exchange discontinuing support for OTC trading for Pump.fun.
Pump.fun Popularity and Volume Decline
In early June, rumors circulated that Pump.fun was planning to raise $1 billion through a token sale, which would value the company at $4 billion. However, neither the platform nor its co-founder, Alon Cohen, confirmed these rumors. Pump.fun's popularity surged during the memecoin craze in January, but trading volumes have since plummeted by around 75% from their peak, with DefiLlama reporting an even steeper 80% decline over the past six months.
The removal of the Pump.fun token sale page on Gate.io has attracted user attention and led to growing confusion surrounding the platform's future plans. Given recent market changes, the upcoming developments will be interesting to follow.
