Pump.enjoyable—a number one memecoin launchpad within the Solana ecosystem—seems to be making ready for a public sale of its utility token, PUMP, with a projected elevate of $600 million on Gate.io. The token sale web page was rapidly noticed and circulated throughout crypto social media, drawing vital consideration and debate. Nonetheless, simply hours later, the web page was abruptly taken down with none official assertion from Pump.enjoyable or Gate.io—sparking investor considerations over transparency and the true intentions behind the launch.
Pump.enjoyable Prepares $600M Token Sale on Gate.io, Then Quietly Removes Web page
Pump.enjoyable, the viral Solana-based memecoin manufacturing facility, seems to be making ready for a significant public token sale of its native token, $PUMP. In response to a now-deleted web page on Gate.io, the sale was scheduled to go reside on July 12 and aimed to lift as a lot as $600 million. However simply hours after the web page was noticed by customers, it vanished with out a hint—no official statements, no affirmation, only a 404.
The deleted itemizing detailed a sale of 150 billion PUMP tokens at $0.004 every, representing 15% of the token’s complete 1 trillion provide and valuing the challenge at a completely diluted $4 billion. The providing was set to run for 72 hours on a first-come, first-served foundation.Moreover, the sale’s FAQ means that purchasers is not going to be topic to an higher restrict of PUMP tokens however as an alternative will solely have a minimal required buy.
“For particular person subscriptions, so long as the quota is ample, solely a minimal buy quantity is required and there’s no higher restrict,” in keeping with Gate.io.
Supply: Gate.io
Customers of X seen a “leaked” webpage displaying particulars of a public sale of the Pump.enjoyable official token. However shortly after the excitement started to select up, each the English and Chinese language variations of the sale web page had been taken offline, changed by a lifeless hyperlink.
Be taught extra: Pump.enjoyable Token Debut: Can It Surpass a $4 Billion FDV?
A Gate.io assist message, circulated by customers, provided solely a imprecise rationalization: “Following negotiations between Gate and the challenge, Gate has eliminated Pump.enjoyable Pre-Market OTC. At the moment, there isn’t any confirmed date or announcement for its reopening.” Neither Gate.io nor the Pump.enjoyable group has made an official remark.
The dearth of official communication, particularly given the timing, has led many traders to query whether or not this was a strategic market take a look at, an unintentional leak, or a calculated exit whereas market consideration stays. The state of affairs unfolds at a crucial second for Pump.enjoyable, as key metrics decline and aggressive strain intensifies.
Declining Income and Rising Competitors Put Strain on Pump.enjoyable Forward of Token Sale
As soon as hailed because the king of Solana’s memecoin motion, the platform has seen its metrics fall off a cliff in current months. Every day income, which as soon as peaked above $7 million in January, dropped to simply $533,000 as of July 6, in keeping with DeFiLlama. Whole charges collected have cratered by 86% and now sit at their lowest degree since March.
Supply: DeFiLlama
That’s not the one headwind. Pump.enjoyable can be going through rising competitors from BONK-backed rival launchpad LetsBonk.enjoyable. In a significant flip this week, LetsBonk overtook Pump.enjoyable in day by day token launches, registering over 21,000 new tokens in simply 24 hours—double the quantity seen on Pump. Its day by day income has additionally crossed the $1 million mark, because of an aggressive mannequin that allocates 50% of platform charges towards buybacks of $BONK, making a virtuous cycle of demand and value assist.
Learn extra about Bonk right here: BONK Coin Approaches Historic Milestone
Whereas rumors of a PUMP token have circulated for months, the newly leaked sale particulars have left many neighborhood members scratching their heads, particularly given the bold valuation and lack of a transparent token roadmap. Some are questioning whether or not the 15% provide put aside for the sale will eat into the extremely anticipated airdrop, which the group as soon as hinted may very well be “one of many largest in crypto historical past.”
To be truthful, some defenders have pointed to different high-FDV tasks like Hyperliquid, which boasts a $38 billion valuation regardless of related income numbers. However critics be aware that Hyperliquid’s earnings are secure and sustained, whereas Pump.enjoyable’s look like in freefall.
