Gate.io Cited Report Suggesting Pump.fun Plans Token Launch Amid Controversy

A crypto exchange reported that token launchpad Pump.fun is planning its own token sale, scheduled for July 12 despite the initial promotional page being removed. The page indicated a potentially substantial $600 million valuation for the PUMP token but has since been pulled following significant public discussion.

Details of Proposed Sale: 150B PUMP Tokens at $0.004

The now-deleted Gate.io page detailed a public sale selling 150 billion PUMP tokens ($600 million valuation). Representing 15% of the token’s initial total supply and priced at $0.004 each, the sale would place the token’s fully diluted valuation (FDV) at a stated $4 billion. The sale duration potentially extends up to 72 hours under a first-come, first-served allocation.

The Frequently Asked Questions section, also removed, stated that while there is a minimum purchase amount, there is no upper limit on individual token purchases, provided subscriptions are filled.

Protocol’s Prior Stance Contrasted with Announced Plans

However, just months ago, Pump.fun’s co-founder Alon Cohen publicly denied any plans for a token launch from the platform itself or from its associates, dismissing rumors. This contradicts the leaked promotional material.

Pump.fun’s Success and Meme Coin Ecosystem

The launchpad has been exceptionally successful, credited with spawn hundreds of millions of dollars worth of protocol revenue through user-created tokens. Meme sensations like FARTCOIN and PNUT were minted on its platform, fueling speculation for its own airdrop.

Competitive Landscape Emerges

Pump.fun faces increasing competition, notably from BONK’s LetsBonk launchpad. Analysis shows Let’sBonk saw significantly more token creations from 4 PM GMT Sunday compared to Pump.fun’s traffic peaks from around July 1st through July 7th.

Pump.fun representatives and Gate.io officials did not immediately respond to requests for comment on the situation.