Gate.io Deletes $600M Pump.enjoyable Token Sale Web page

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Cryptocurrency change Gate.io has quietly eliminated a web page exhibiting an upcoming token sale for the Pump.enjoyable Solana-based memecoin platform.

On Tuesday, customers of X seen a “leaked” webpage exhibiting particulars of a public sale of the Pump.enjoyable official token, scheduled to begin on July 12.

The web page exhibits 150 billion tokens being provided at $0.004 out of a complete provide of 1 trillion tokens. The elevate would quantity to round $600 million. 

The web page states the IEO (Preliminary Change Providing) marks Pump’s “first official public token sale,” and the IEO valuation is ready at $4 billion.

Nonetheless, the crypto change later deleted the web page from each the English and Chinese language variations of the web site, now exhibiting a 404 “web page not discovered” discover. 

Authentic token sale web page. Supply: Colin Wu

Gate.io assist put up provides to confusion

A response from Gate.io assist to a person concerning the takedown has solely added extra confusion, stating, “following negotiations between Gate and the mission, Gate has eliminated Pump.enjoyable Pre-Market OTC. Right now, there is no such thing as a confirmed date or announcement for its reopening.”

The message references an October 2024 announcement that the change would now not assist over-the-counter buying and selling for Pump.enjoyable. 

Cointelegraph reached out to Gate.io and Pump.enjoyable founder Alon Cohen for remark, however didn’t obtain a direct response.  

The Pump.enjoyable token sale web page now exhibits a 404 discover. Supply: Gate.io

Token sale rumors 

In early June, rumors emerged that Pump.enjoyable was planning to boost $1 billion by way of a token sale that may worth the corporate at $4 billion.

Nonetheless, neither the platform nor its co-founder, Alon Cohen, confirmed these rumors regardless of a report on the time citing folks accustomed to the matter. 

Associated: Pump.enjoyable and its founder hit in X account suspension blitz

Pump.enjoyable’s recognition wanes after memecoin stoop

The Solana-based meme market Pump.enjoyable surged in recognition in January in the course of the memecoin minting frenzy. 

The platform has facilitated the creation of greater than 11 million new tokens with a mixed complete income of roughly 4.4 million Solana (SOL), or roughly $655 million, in accordance to Dune Analytics.

Nonetheless, volumes have plummeted round 75% for the reason that top of the memecoin frenzy in January, in accordance with Dune. 

DefiLlama experiences a steeper 80% stoop in day by day quantity on the platform over the previous six months.

On Monday, Cointelegraph reported that Solana’s latest memecoin launchpad, LetsBonk, doubled Pump.enjoyable’s day by day income with $1 million, shaking up the leaderboard within the memecoin area.

Associated: Dogecoin set for rebound? Ripple eyes US banking license: Hodler’s Digest