Gate.io Removes Pump.fun Token Sale Page Ahead of July 12 IEO
Gate.io has unexpectedly removed the Pump.fun token sale page ahead of the planned July 12 IEO. The 72-hour sale of 150 billion PUMP tokens at $0.004 each—targeting a $600 million raise and a $4 billion fully diluted valuation—now returns a 404 error. Neither Gate.io nor Pump.fun have commented on the removal.
Pump.fun token sale was to run on Solana, a popular blockchain for memecoins. Pump.fun, the launch platform, has facilitated over 11 million token creations and generated about $700 million in revenue, with daily peaks of $7 million. The abrupt cancellation raises questions about internal decisions and external pressures, as Pump.fun faces regulatory scrutiny including a UK FCA ban and a U.S. class-action lawsuit.
The status of the Pump.fun token sale remains uncertain until an official update.
Bearish
The abrupt removal of the Pump.fun token sale undermines trader confidence and introduces uncertainty around the IEO. In the short term, this cancellation is likely to trigger negative sentiment and price pressure on PUMP due to lost momentum and unanswered questions. Over the longer term, ongoing regulatory scrutiny and lack of clarity on relaunch plans may further weigh on market trust and hinder any rebound.