On July 16, users reported discovering a webpage detailing an upcoming Initial Exchange Offering (IEO) for the Pump.fun Solana-based memecoin platform. Scheduled to commence on July 12, the listing was hosted on the Gate.io exchange.

Details of the Listed IEO

The leaked page revealed a proposed sale of 150 billion tokens (representing roughly 15% of the 1 trillion total supply) at a price of $0.004 each, resulting in a stated valuation of $4 billion for Pump.fun and raising approximately $600 million.

page Taken Down

The suspicious page, which drew attention from X (formerly Twitter) users and crypto observers, has since been removed by Gate.io. Both English and Chinese versions of the exchange’s website now display a 404 “page not found” error when attempting to access the page.

Increased Confusion with Support Response

A subsequent response from Gate.io support further complicated the situation. The message stated: “following negotiations between Gate and the project, Gate has removed Pump.fun Pre-Market OTC. At this time, there is no confirmed date or announcement for its reopening.”

This statement references an October 2024 announcement where Gate.io indicated it would cease supporting over-the-counter trading for Pump.fun, adding a temporal disconnect to the recent events.

Timing Issues and Leaked Information

CoinDesk attempted to contact both Gate.io and Pump.fun founder Alon Cohen for further clarification, but a response was not immediately received. The memo page surfaced shortly after official statements about Gate.io’s dealings with Pump.fun were published.

Pump.fun’s Declining Popularity

The Solana-based meme token creation platform Pump.fun experienced explosive growth during the January 2024 memecoin boom. Data from Dune Analytics indicates the platform facilitated the launch of over 11 million new tokens, generating a substantial portion of its volume.

However, following the memecoin market correction, Pump.fun’s popularity has significantly waned. Trading volumes on the platform have dropped by approximately 75% since January, according to Dune data, and DefiLlama shows a 80% decline in daily platform volume over the last six months.

Token Consultancy Reports Concerns

In recent weeks, token consultancy firm Pumper reported “significant concerns regarding the stability of the core token-sale infrastructure” related to Pump.fun, warning of inadequate code safety checks.