Cryptocurrency exchange Gate.io has stirred confusion and speculation by briefly posting, and then deleting, a webpage announcing a public token sale for Pump.fun's PUMP token. The now-removed page detailed a planned Initial Exchange Offering (IEO) scheduled for July 12, offering 150 billion tokens at $0.004 each, aiming to raise $600 million.

Pump.fun, a Solana-based platform known for facilitating the creation and trading of memecoins, had previously confirmed its plans to launch the PUMP token, aiming for a $4 billion valuation. The since-deleted Gate.io announcement described the IEO as Pump.fun's "first official public token sale". The page indicated a total supply of 1 trillion tokens, with the presale offering 15% of the total supply.

The removal of the page has triggered widespread speculation within the crypto community. Neither Gate.io nor Pump.fun has offered an official explanation for the deletion, adding to the uncertainty. The lack of clarity has fueled skepticism, especially given past issues associated with both entities. Gate.io has faced criticism for listing projects with connections to scams and had delisted 33 tokens due to quality concerns last month. Pump.fun, while popular, has reportedly experienced issues with bots and declining user interest.

Adding to the confusion, a response from Gate.io support on X stated that the removal of the Pump.fun Pre-Market OTC was "following negotiations between Gate and the project". The support message also stated that "At this time, there is no confirmed date or announcement for its reopening". This message references an October 2024 announcement that the exchange would no longer support over-the-counter trading for Pump.fun.

Assuming the details on the deleted page were accurate, the presale would have offered 150 billion tokens at $0.004 each, totaling a $600 million raise. The presale was scheduled to occur simultaneously on Pump.fun and Gate.io.

Some community members have questioned the legitimacy of the partnership and the timing of the announcement. Others speculate whether Gate.io simply jumped the gun, revealing the partnership prematurely. The situation has intensified scrutiny on Gate.io's vetting processes for new tokens, considering its responsibility to ensure listed tokens are legitimate and compliant.

Adding to Pump.fun's challenges, the platform has seen a significant decline in revenue recently. Data indicates a 92% drop in revenue from its peak in January 2025, with daily revenue falling to $533,410 on July 6. Fees generated have also decreased to a daily low since March 2025. This decline is attributed to the rising popularity of competing platforms like LetsBONK.fun. Furthermore, Pump.fun faces legal challenges, with lawsuits accusing the platform of enabling "pump and dump" schemes.

It is worth noting that Pump.fun was hacked in February 2025, with the attacker using the compromised Twitter account to promote a fraudulent "PUMP" token. The platform has also faced accusations of enabling market manipulation. In December 2023, Gate.io was accused of manipulating the price of RATS tokens, leading to community outcry.