Pump.fun’s PUMP Token Sale in Limbo as Gate Withdraws Announcement

Uncertainty has grown around the proposed launch of Pump.fun’s native token, PUMP, following the quiet removal of a planned listing announcement from cryptocurrency exchange Gate. Pump.fun, a Solana-based platform widely used to create meme tokens, appeared to be preparing its first public token offering through the exchange, but the situation has since shifted without explanation.

PUMP Token Announcement Disappears from Gate 

Gate had earlier posted on its website that Pump.fun would begin listing the PUMP token in four days. The notice detailed plans to release 150 billion tokens at $0.04 each, priced in USDT. 

The proposed offering, if completed, would have generated approximately $600 million. It was presented as Pump.fun’s first official public token sale and was meant to take the form of an Initial Exchange Offering (IEO). The implied project valuation was set at $4 billion.

The sale was expected to begin on July 12 and span three days, with Pump.fun planning to release 15% of the total one trillion token supply. Additional details about the distribution of the remaining tokens were expected at a later stage.

However, shortly after the announcement was published, it was removed from Gate’s platform. This unexpected development triggered confusion among users and raised doubts about whether the sale would proceed as planned.

Gate Cites Unfinalized Discussions

In response to user enquiries, Gate’s support team explained that the announcement was taken down due to ongoing discussions between the project and the exchange. The team confirmed that no official date has been established for the resumption of the sale announcement.

In addition, Gate referred to an earlier statement made in October 2024, when the platform indicated it would no longer support over-the-counter trading of Pump.fun tokens. 

Back in June, unverified claims began to circulate that Pump.fun was aiming to secure $1 billion through token sales, placing the project’s estimated worth at around $4 billion. So far, the team behind Pump.fun, including co-founder Alon Cohen, has not addressed these rumours. 

Interestingly, the valuation in these reports mirrors the figure that appeared in Gate’s now-deleted token sale announcement, though nothing has been officially confirmed.

Pump.fun Activity Declines as Trading Volume and Token Progress Fall

The platform has played a major role in fuelling meme coin creation across the Solana network, serving as the launchpad for most meme tokens released over the past year. During that period of heightened activity, Pump.fun recorded over $7 million in daily revenue on January 23, 2025.

Since then, earnings have dropped, with current daily figures closer to $1 million. The decline points to a slowdown in trading interest and a broader dip in meme coin hype. Although the platform is still in use, user activity and market engagement appear to have lost momentum.

Pump.fun has been used to create over 11 million tokens, with total revenue estimated at 4.4 million SOL—around $655 million at the current price of $148.92. However, despite the large numbers, activity on the platform has dropped sharply, signalling a clear decline from earlier performance.

According to Dune Analytics, trading activity on Pump.fun has dropped roughly 75% compared to its peak in January, when meme coin trading was most active.

Alongside reduced volume, the number of successful or “graduated” tokens on the protocol has also declined. On January 22, 2025, Pump.fun recorded 1,168 such tokens. As of the most recent update, that number has fallen sharply to just 69. The drop in successful token launches suggests a reduced level of sustained user engagement.