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Confusion Surrounds Pump.fun Token Sale As Gate Exchange Removes Launch Page
- The launch of pump.fun’s utility token, PUMP, is in doubt after the launch page on crypto exchange Gate’s website was removed hours after news of the launch leaked.
- News of the launch of PUMP had initially been broken by crypto newshound, Zoomer, on X / Twitter — it’s not clear how Zoomer became aware of the launch.
- Since the news leaked, others found URLs on the Gate and pump.fun websites linked to the launch; all these pages have since been deleted.
Earlier today, news leaked that the Solana-based memecoin launchpad, pump.fun, was planning to launch a whole new way for punters to ‘have fun’ — buying pump.fun’s own utility token, to be known as PUMP. Such fun!
News of a token sale starting on July 12 was first broken by crypto newshound ‘Zoomer’ on X / Twitter.
But confusion surrounds whether pump.fun is still planning to launch PUMP. The token’s launch page was removed from the website of the crypto exchange Gate, which was reportedly where it was going to be sold.
Gate’s launch page for the token had detailed all the token’s pertinent information. However, in the hours since the news first broke PUMP’s listing page has been removed from Gate’s website.
A page possibly linked to PUMP’s launch on the pump.fun website has also been removed after reportedly earlier displaying information about a PUMP airdrop. These deletions seem to suggest PUMP’s planned launch could now be delayed or cancelled.
Related: Solana Memecoin Platform Pump.fun Faces X Suspensions Amid Regulatory Speculation
PUMP Sale’s Potential US$600 Million Profit
According to several sources, including SolanaFloor on X, Pump.fun’s new token was to be known as PUMP and its public sale was planned to run from July 12-15 or until all the tokens sold out.
A total of 150 billion tokens were to be made available for purchase by the public, 15% of the total supply of one trillion tokens. The token was initially to be priced at US$0.004, meaning the platform could have stood to net US$600 million (AU$921m) through the public sale. This price point would’ve also given the token a fully-diluted market cap of US$4 billion (AU$6.1b), theoretically making it the 38th-largest cryptocurrency by market cap at the time of writing, according to data from CoinGecko.
At the time of writing, neither pump.fun nor Gate had made a public statement about what exactly is happening with the launch of PUMP, leading to widespread confusion among potential investors and leaving punters to wonder if the whole thing was some kind of scam or hack.
Related: First U.S. Solana Staking ETF to Launch July 2, Pushing SOL Up 4.5%
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Of course, it remains entirely possible the PUMP launch goes ahead on July 12 as initially announced. However, currently it’s not possible to say precisely what will happen until either pump.fun or Gate clarify their plans.
Author
Jody McDonald
Jody is a Brisbane-based freelance writer who specialises in writing about business, technology, and the future of work.
