Pump.fun—a leading memecoin launchpad in the Solana ecosystem—appears to be preparing for a public sale of its utility token, PUMP, with a projected raise of $600 million on Gate.io. The token sale page was quickly spotted and circulated across crypto social media, drawing significant attention and debate. However, just hours later, the page was abruptly taken down without any official statement from Pump.fun or Gate.io—sparking investor concerns over transparency and the true intentions behind the launch.
Pump.fun Prepares $600M Token Sale on Gate.io, Then Quietly Removes Page
Pump.fun, the viral Solana-based memecoin factory, appears to be preparing for a major public token sale of its native token, $PUMP. According to a now-deleted page on Gate.io, the sale was scheduled to go live on July 12 and aimed to raise as much as $600 million. But just hours after the page was spotted by users, it vanished without a trace—no official statements, no confirmation, just a 404.
The deleted listing detailed a sale of 150 billion PUMP tokens at $0.004 each, representing 15% of the token’s total 1 trillion supply and valuing the project at a fully diluted $4 billion. The offering was set to run for 72 hours on a first-come, first-served basis.
Additionally, the sale’s FAQ suggests that purchasers will not be subject to an upper limit of PUMP tokens but instead will only have a minimum required purchase.
“For individual subscriptions, as long as the quota is sufficient, only a minimum purchase amount is required and there is no upper limit,” according to Gate.io.
Source: Gate.io
Users of X noticed a “leaked” webpage showing details of a public sale of the Pump.fun official token. But shortly after the buzz began to pick up, both the English and Chinese versions of the sale page were taken offline, replaced by a dead link.
Learn more: Pump.fun Token Debut: Can It Surpass a $4 Billion FDV?
A Gate.io support message, circulated by users, offered only a vague explanation: “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.” Neither Gate.io nor the Pump.fun team has made an official comment.
The lack of official communication, especially given the timing, has led many investors to question whether this was a strategic market test, an unintentional leak, or a calculated exit while market attention remains. The situation unfolds at a critical moment for Pump.fun, as key metrics decline and competitive pressure intensifies.
Declining Revenue and Rising Competition Put Pressure on Pump.fun Ahead of Token Sale
Once hailed as the king of Solana’s memecoin movement, the platform has seen its metrics fall off a cliff in recent months. Daily revenue, which once peaked above $7 million in January, dropped to just $533,000 as of July 6, according to DeFiLlama. Total fees collected have cratered by 86% and now sit at their lowest level since March.
Source: DeFiLlama
That’s not the only headwind. Pump.fun is also facing rising competition from BONK-backed rival launchpad LetsBonk.fun. In a major flip this week, LetsBonk overtook Pump.fun in daily token launches, registering over 21,000 new tokens in just 24 hours—double the number seen on Pump. Its daily revenue has also crossed the $1 million mark, thanks to an aggressive model that allocates 50% of platform fees toward buybacks of $BONK, creating a virtuous cycle of demand and price support.
Read more about Bonk here: BONK Coin Approaches Historic Milestone
While rumors of a PUMP token have circulated for months, the newly leaked sale details have left many community members scratching their heads, especially given the ambitious valuation and lack of a clear token roadmap. Some are questioning whether the 15% supply set aside for the sale will eat into the highly anticipated airdrop, which the team once hinted could be “one of the largest in crypto history.”
To be fair, some defenders have pointed to other high-FDV projects like Hyperliquid, which boasts a $38 billion valuation despite similar revenue numbers. But critics note that Hyperliquid’s earnings are stable and sustained, while Pump.fun’s appear to be in freefall.
