Pump.fun Token Sale Hits Snag as Gate.io Abruptly Removes Listing

The planned public sale of the native PUMP token from the leading memecoin launchpad, Pump.fun, has hit a major snag after the crypto exchange Gate.io unexpectedly removed the official sale listing without warning.

The token sale was scheduled to launch on July 12 in a 72-hour public event. The sudden delisting has created significant uncertainty around the rollout, despite ongoing promotional activity for the launch on social media platforms. As of July 8, Gate.io has not provided an official explanation for the removal.

The now-disrupted token sale was set to be one of the largest of the year. According to details shared by crypto users ahead of the delisting, the sale was structured to offer 150 billion PUMP tokens at a price of $0.004 each.

This would represent 15% of the total one trillion token supply and would have established a massive $4 billion valuation for the project from its launch. The sale was designed to be open to all, with no maximum purchase cap.

Even before the Gate.io delisting, some participants in the Solana ecosystem had expressed caution over the project’s ambitious valuation.

Traders flagged potential risks associated with bringing a new token to market with a $4 billion initial market cap, questioning whether market liquidity and future demand could support such a high price.

Some technical indicators also pointed to potentially overbought conditions for the broader market sentiment surrounding the launch, with a key community-watched index, the CRSI, exceeding a reading of 85.

The PUMP token itself is not required to use the Pump.fun platform, but it was designed to offer users additional incentives, including access to promotional giveaways. Community members are now awaiting clarification from the Pump.fun team on whether the sale format or launch timeline will change following Gate.io’s action.

The uncertainty around the token launch comes at a critical time for Pump.fun, which has seen its dominance in the Solana memecoin space challenged by new rivals recently.

The broader activity around the platform continues to have a major influence on Solana’s DeFi sector, with Solana’s native asset, SOL, recording a 0.49% gain on the initial news of the sale, indicating the market’s high level of interest in the event.