Gate.io has removed a webpage detailing a planned $600 million token sale for Solana-based memecoin platform Pump.fun, just days after announcing the event. The sale was scheduled to start on July 12, 2025, offering 150 billion PUMP tokens at $0.004 each through an Initial Exchange Offering (IEO), valuing Pump.fun at $4 billion.
The exchange cited ongoing negotiations with Pump.fun as the reason for the removal and stated there is no confirmed date for reopening the sale. This follows Gate.io's October 2024 announcement discontinuing over-the-counter trading support for the platform. Despite the cancellation, Polymarket betting odds indicate an 83% chance Pump.fun will launch its token before July 31, 2025.
The controversy has sparked market skepticism, with traders comparing the situation to exit scams like the TRUMP memecoin incident. Moonrock Capital partner Simon Dedic called the potential launch "the biggest and yet most controversial token generation event of all time," while analysts warn of liquidity risks. The news initially boosted Solana's price by 0.5%, but the ecosystem now faces uncertainty.
Pump.fun's platform performance has significantly declined, with daily revenue dropping 75% from January's $7 million peak to under $2 million. Trading volumes have plummeted 80% over six months, while competitors like Raydium's LaunchLabs and LetsBONKFun—which recently generated $1 million daily revenue—are gaining market share.