Gate.io seemingly announced the presale for Pump.fun’s PUMP token, but pulled all references to it shortly afterward. As of yet, neither company has explained this confusing situation.
Assuming the information was correct, the presale will take place on July 12. It’ll aim for a $600 million target, selling 150 billion of 1 trillion total tokens at $0.004 per unit.
Is Gate.io Partnering with Pump.fun?
Pump.fun, a popular meme coin launch platform, confirmed last month that it would launch a PUMP token, despite previously denying it would do such a thing. The firm is reportedly aiming for a $4 billion valuation, a highly ambitious goal. Today, Gate.io seemingly announced that it would host Pump.fun’s token launch with a $600 million presale on July 12:
At first glance, this announcement looked bullish for both firms. Gate.io, a long-running crypto exchange, hasn’t partnered with Pump.fun before, but it could certainly provide PUMP a large platform. However, a few extenuating circumstances led to community skepticism.
For one, Gate.io had to delist 33 tokens for quality issues last month, and it’s been criticized for listing scam-connected projects. Pump.fun, for its part, is no longer the top meme coin launchpad, and bot problems and trader losses have taken their toll. In other words, both firms are facing their own share of issues right now.
That being said, it was still quite shocking when Gate.io pulled its Pump.fun presale announcement without warning or explanation:
As of the time of this writing, neither Gate.io nor Pump.fun has provided any explanation for this reversal. This has left the community with more questions than answers. Was the whole announcement some kind of hack? Is the presale happening, but the details are wrong? Is everything correct, and the exchange merely revealed this partnership too early?
Assuming that Gate.io’s redacted announcement was essentially correct, it could give valuable information about Pump.fun’s plans. PUMP would have a token supply of 1 trillion, and the presale would offer 150 billion tokens at a price of $0.004 each. This would add up to $600 million, assuming the presale hit its goals.
On the other hand, some community members expressed skepticism about the partnership. Apparently, the presale was to take place simultaneously on Pump.fun and Gate.io, which seems a little odd. Sure, the exchange may boost PUMP’s notoriety, but there’s no clear reason to host the presale on both platforms simultaneously.
Ultimately, it’s impossible to say what’s going on until either of the firms clarifies its position. The situation might get even more chaotic. Last month, Magic Eden redacted its announcement about a TRUMP Wallet, crashing its ME token to an all-time low. Depending on the reason for Gate.io to pull its Pump.fun presale page, similar turbulence could occur.
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