Is Pump.fun’s $600M Token Sale Real?

Solana-based memecoin platform Pump.fun is once again at the center of crypto chatter—this time over the possible launch of its long-anticipated native token, PUMP. A page spotted on crypto exchange Gate.io briefly hinted at a token sale, suggesting Pump.fun might be ready to go public. But in reality, clarity is nowhere to be found.

A “Leaked” Listing That Vanished

On July 8, users on X (formerly Twitter) noticed something unusual, a countdown page on Gate.io showing what appeared to be the details of Pump.fun’s first official token sale. 

According to the page, 150 billion PUMP tokens priced at $0.004 each would be made available in a public Initial Exchange Offering (IEO), set to begin on July 12 and run for 72 hours.

With a max supply of 1 trillion tokens, the sale would account for 15% of PUMP’s total supply and raise roughly $600 million. The page also labeled the IEO valuation at $4 billion.

But within hours, the page disappeared. Both the English and Chinese versions now show a standard 404 error, and Gate.io hasn’t released any formal announcement. When questioned, the exchange's support team told one user that the pre-market OTC listing had been removed following “negotiations between Gate and the project.” No future date was confirmed.

Mixed Signals from Pump.fun

Pump.fun itself has stayed quiet. When reached for comment, the project’s team declined to say anything officially. Founder Alon Cohen has also remained silent, even as speculation mounts. Some insiders suspect the leak was unintentional. Others believe it was a strategic teaser meant to generate buzz before a formal announcement.

Rumors of a $1 billion raise and a $4 billion valuation have been circulating since early June. At the time, reports suggested Pump.fun was considering a revenue-sharing structure for the PUMP token. But again, nothing has been confirmed by the team.

So—is the token sale happening? As of now, all we know is that it might have been planned.

What Is Pump.fun Anyway?

Pump.fun isn’t just another meme project. Launched in early 2024, the protocol lets users launch tokens on Solana with no coding skills, no trading taxes, and zero pre-mines. Every token follows a fair launch model, making it one of the most accessible tools for creating and trading memecoins.

The platform gained major traction in January 2025, with daily revenue hitting over $7 million at its peak on January 23. Since then, Pump.fun has helped launch more than 11 million tokens and generated about $700 million in total revenue.

A Decline in Revenue

While speculation over PUMP is heating up, Pump.fun’s revenue numbers are cooling off. On July 6, the protocol generated just $533,410 in revenue and under $922,890 in fees, marking one of its lowest days since March 2025. That’s a 92% drop from its January peak.

Even a bounce in late March that brought fee revenue back to $6.6 million couldn’t restore its earlier highs. Revenue didn’t break $2.05 million during that same rebound.

Despite the fading revenue, a native token launch could give Pump.fun a second wind. The platform is still responsible for most memecoin creation activity on Solana. With the right incentives, a well-structured PUMP token could rejuvenate trader engagement and solidify its ecosystem.

Token utility is key. If PUMP becomes the governance or fee discount token of the platform, it could mirror the success of other DEX and platform tokens like UNI or RAY. Reports have hinted that a revenue-sharing mechanism might be introduced, which would tie token ownership directly to platform performance.