Gate.io removed the Pump.fun token sale page without notice raising uncertainty about the $600 million public offering.
Pump.fun activity has dropped sharply with trading volume falling over 75% since the memecoin peak in January.
Rival platform LetsBonk has overtaken Pump.fun in daily revenue signaling a shift in the memecoin market.
Gate.io has removed a web page that contained details of a public token sale for Pump.fun. The sale was scheduled to launch on July 12. It would have offered 150 billion tokens priced at $0.004 each. The planned raise aimed to collect approximately $600 million.
https://twitter.com/cryptolyxe/status/1942311062256377929
The page was available on both English and Chinese versions of the site. After its removal, users received a “404 page not found” message. The token sale was expected to be Pump.fun’s first official public offering. It represented 15% of the total supply of 1 trillion tokens.
Exchange Offers Limited Clarity on Removal
A user shared a support response from Gate.io regarding the missing page. The exchange cited ongoing negotiations between Gate.io and Pump.fun. It did not confirm a future date for the token sale or provide further explanation.
The response referenced an earlier decision to halt over-the-counter trading for Pump.fun. However, the statement did not address concerns about the public sale. The sudden change in listing has left users and potential investors with unanswered questions.
Pump.fun Activity Declines as Market Changes
Pump.fun rose to prominence in January during a surge in memecoin activity. The platform, which is built on Solana, allows users to mint tokens easily. They also recently launched a revenue sharing model where token creators earn 0.05% of the trading volume in Solana. Over 11 million tokens were created, generating about 4.4 million SOL in revenue. That value translates to roughly $655 million.
However, recent data points to a sharp decline in user activity. Dune Analytics reports a 75% drop in volume since January. DeFiLlama estimates an even steeper 80% decline in daily transaction volume over the last six months.
New Competition Enters the Memecoin Market
The memecoin space has grown more competitive in recent weeks. A new platform, LetsBonk, has outperformed Pump.fun in daily revenue. On Monday, it recorded $1 million in revenue, double that of Pump.fun.
The rise of LetsBonk may signal a shift in user interest. While Pump.fun remains active, recent trends suggest a possible drop in dominance. The missing token sale page adds to uncertainty surrounding its near-term outlook.
Pump.fun has not issued a statement regarding the removal. Founder Alon Cohen has remained silent on the matter. The project’s current valuation remains tied to reports estimating it at $4 billion.