Cryptocurrency exchange Gate.io has quietly removed a page showing an upcoming token sale for the Pump.fun Solana-based memecoin platform.On Tuesday, users of X noticed a leaked webpage showing details of a public sale of the Pump.fun official token, scheduled to start on July 12.The page shows 150 billion tokens being offered at $0.004 out of a total supply of 1 trillion tokens.
The raise would amount to around $600 million.The page states the IEO (Initial Exchange Offering) marks Pumps first official public token sale, and the IEO valuation is set at $4 billion.However, the crypto exchange later deleted the page from both the English and Chinese versions of the website, now showing a 404 page not found notice.Original token sale page.
Source: Colin WuGate.io support post adds to confusionA response from Gate.io support to a user about the takedown has only added more confusion, stating, 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.The message references an October 2024 announcement that the exchange would no longer support over-the-counter trading for Pump.fun.Cointelegraph reached out to Gate.io and Pump.fun founder Alon Cohen for comment, but did not receive an immediate response.The Pump.fun token sale page now shows a 404 notice.
Source: Gate.ioToken sale rumorsIn 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.Related: Pump.fun and its founder hit in X account suspension blitzPump.funs popularity wanes after memecoin slumpThe Solana-based meme marketplace Pump.fun surged in popularity in January during the memecoin minting frenzy.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, Cointelegraph reported that Solanas newest memecoin launchpad, LetsBonk, doubled Pump.funs daily revenue with $1 million, shaking up the leaderboard in the memecoin space.Related: Dogecoin set for rebound? Ripple eyes US banking license: Hodlers Digest