Gate.io Pulls the Plug on PUMP Token Sale: What Went Wrong?

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  • Gate.io yanked the PUMP token sale countdown just before the big day, leaving everyone scratching their heads.
  • Pump.fun had big plans to distribute 15% of its tokens in the upcoming sale, but now it’s a bit of a mystery.
  • The PUMP token was supposed to be the lifeblood of the Solana-based memecoin platform, but it seems to have hit a snag.

The Solana-based memecoin project Pump.fun was all set to launch the PUMP token public sale on July 12, but then, poof! The sale countdown page on the Gate.io exchange site vanished into thin air, leaving no clear indication of what happened. 🤷‍♂️

Planned Token Sale Details

Source- X

Pump.fun was gearing up to sell 150 billion PUMP tokens at a price of 0.004 dollars per token, which amounted to 15 percent of the total supply of 1 trillion tokens. The sale to the general public was supposed to last 72 hours or until the quota was filled up. 🕒

The sale was to be carried out both on Gate.io and Pump.fun’s own platform, with no maximum purchase restriction but a minimum buy-in. According to Gate.io’s FAQ, the sale was going to be first-come-first-served, and individual investors were free to take part as long as the quota existed. 🏃‍♂️💨

PUMP is a utility token in the Pump.fun ecosystem that enables mint-and-trade memecoins on the Solana blockchain with zero pre-mines or team tokens, no trading taxes. Since the beginning of 2024, Pump.fun has played a key role in Solana memecoin launches, making a total of more than 700 million dollars in revenue. 💰

Market Context and Challenges

Although Pump.fun achieved great success at the beginning, its income and fee earnings dropped drastically. 📉

Source – defillama.com

The daily revenues decreased to about 533,000 on July 6, 2025, which is a great decline compared to the highest amount to have been made in January of 2025, which was 7 million. Fee generation was also low, which indicated a loss of market euphoria. 🙁

Competition from rival platforms like LetsBonk.fun has intensified. Daily token launches and revenue have overtaken Pump.fun, with LetsBonk, which incorporates a reinvestment strategy with the Bonk memecoin, leading to a market cap of $1.7 billion. 🚀

The approach of LetsBonk differs from the practice of Pump.fun that does not reinvest into the community by selling Solana fees, which is the reason Pump.fun is losing its market share. Pump.fun is also under legal pressure due to claims of facilitating pump-and-dump scams. 🚨

Besides, the platform competes with a stream of bot-generated tokens, which seldom form active communities, making the situation more complicated in terms of reputation. 🤖🚫

Uncertain Future for PUMP Token Sale

Source-  Gate.io countdown page

The decision to delete the Gate.io countdown page has raised doubts about the public sale, which was earlier touted as a significant capital raise at a $4 billion valuation. Pump.fun has not released an official statement on the removal of the page, as well as on whether the sale of its token has been canceled. 🤔

The PUMP token came with a lot of hype because Pump.fun was already a very well-known project in the Solana memecoin industry. Nevertheless, the process of sale is subject to the forces of the market and regulatory issues, which can affect the decisions on when and how to sell. 🤷‍♂️

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2025-07-08 21:53