Gate.io Deletes $600M Pump.fun Token Sale Page
Gate.io has removed a webpage announcing a token sale for the Pump.fun Solana-based memecoin platform, which was set to begin on July 12. The sale planned to offer 150 billion tokens at $0.004 each, potentially raising $600 million and valuing the project at $4 billion. Following the removal, Gate.io support stated that the decision was made after negotiations, with no confirmed date for reopening the sale. Rumors of a $1 billion fundraising effort for Pump.fun surfaced in June but were not confirmed by the platform or its co-founder, Alon Cohen. Pump.fun experienced significant popularity in January but has since seen a 75% drop in trading volume, with DefiLlama reporting an 80% decline over six months. The platform's daily revenue has been surpassed by competitor LetsBonk, which generated $1 million recently.
