- A $600 million PUMP token sale page briefly appeared on Gate.io before being quietly deleted without explanation.
- Some traders warned that the Pump.fun token launch could trigger a liquidity drain across memecoin markets.
Solana’s [SOL] viral memecoin launchpad pioneer, Pump.fun, became the center of speculation over the weekend after its alleged token sale page briefly appeared on Gate.io—only to be deleted hours later.
The deleted page showed 150 billion PUMP tokens (15% of the supply) set for sale at $0.004 each, implying a $600 million raise and a $4 billion valuation.
The sale was scheduled to start on the 12th of July, marking what would have been Pump.fun’s first official token launch.
Source: X
Gate says ‘no confirmed reopening’. But why?
Naturally, the sudden removal of the sale page triggered speculation across Crypto Twitter.
In response, the support team said,
“Gate has removed PumpFun (PUMPFUN) pre-market OTC. At this time, there is no confirmed date or announcement for its reopening.”
Notably, at press time, Alon Cohen, Co-Founder of Pump.fun, had not made any public statements on the issue.
“Biggest and most controversial TGE of all time”?
But the odds of a token launch before the 31st of July remained high, at 83% on Polymarket.
In fact, Simon Dedic, partner at Moonrock Capital, claimed that the deleted announcement was ‘legit’, citing insiders familiar with the project.
He added that the debut would be the ‘most controversial’ token generation event.
“This will probably be the biggest and yet most controversial TGE of all time. Whether you’re participating or not, definitely a must-watch.”
However, like the first time the update hit headlines, most users warned that the event would be a liquidity extraction like seen during the TRUMP memecoin debut.
In fact, some traders, like Income Sharks, said the token will be an ‘exit scam’ and no one should cry if they lose money.
“I do not want to hear a single person complain about losing money on the PumpFun token launch.”
Another crypto analyst and influencer, Ansem, viewed it as the second plane hitting the Twin Towers. He implied another liquidity freeze after the first hit ‘TRUMP memecoin.’
Pump.fun faces fierce competition
That said, the platform has been an instant success and fueled the memecoin supercycle narrative.
It has handled over $68 billion in cumulative trading volume and attracted $694 million in total revenue since its launch in 2024.
But traction and daily revenue have dropped considerably since Q2 from over $7 million to below $2 million.
Source: DefiLlama
In addition, it has faced competition from other memecoin launchpads like Raydium’s [RAY] LaunchLabs and LetsBONKFun.
In fact, LetsBONKFun surpassed Pump.fun in revenue for the past two days thanks to its viral USELESS memecoin traction.
It remains to be seen how the market will react to the debut.
