Journalist Reveals Rescheduled Token Sale for Pump.fun

The «meme token factory» Pump.fun has postponed its auction and token listing originally scheduled for June 25. These events are expected to take place in July, according to information obtained by journalist Colin Wu from reliable sources.

As per their statements, the platform began planning the issuance and sale of PUMP at the end of last year and has since pushed back the event dates several times.

Reports from early June indicated that Pump.fun aimed to raise $1 billion through the token sale, projecting a valuation of $4 billion for itself.

No reasons have been provided for this latest delay in the asset’s release.

On June 16, the social media platform X blocked the accounts of Pump.fun and its founder. At least 19 additional accounts linked to meme coin trading were also affected.

Some speculate that the measures could be linked to a court ruling. In January, the New York-based law firm Burwick Law announced its intention to file a lawsuit against the platform on behalf of investors who have lost «significant amounts.»

The company emphasized that the platform’s founders had collected «hundreds of millions of dollars» in fees while remaining anonymous. Meanwhile, the site displayed anti-social content, and schemes such as rug pulls, fraud, and deceit flourished.

In light of the account blockage, Burwick Law representatives stated they are already representing over 500 plaintiffs and urged affected investors to join the claim.

According to Dune Analytics, Pump.fun has earned over $761 million in fees during its operation. Users have launched over 11,000 tokens on the platform.

Trading volumes peaked in January, reaching $3.3 billion in one week, while in June, it hovered around $1 billion.

A dashboard creator on Dune known as Adam concluded that most wallets in the top trader rankings on the platform are controlled by bots.

In March, Pump.fun launched its own DEX, PumpSwap, on Solana, opting out of working with Raydium. In May, the team introduced a rewards mechanism for meme token creators.

As a reminder, a report from Solidus Labs indicated that 98.6% of the meme coins launched on the Pump.fun platform were linked to fraudulent schemes such as rug pulls and Pump & Dump.