The “meme token factory” Pump.fun has postponed its auction and token listing originally scheduled for June 25. These events are now expected to occur in July, according to journalist Colin Wu, who cited his own sources.
According to sources, the platform began planning the issuance and sale of PUMP late last year and has since postponed the events several times.
As of early June, Pump.fun aimed to raise $1 billion through the token sale, based on a self-valuation of $4 billion.
No reasons have been disclosed for the latest postponement of the asset’s release.
On June 16, the social network X blocked the accounts of Pump.fun and its founder. At least 19 other accounts related to meme coin trading were also restricted.
Some attributed the measures to a court order. In January, the New York law firm Burwick Law announced the preparation of a lawsuit against the platform on behalf of investors who lost “significant sums.”
The firm emphasized that the platform’s founders have collected “hundreds of millions of dollars” in fees over recent months while remaining anonymous. Meanwhile, antisocial content was displayed on the platform, and rug pull schemes, fraud, and deception flourished.
Following the account block, Burwick Law representatives stated they already represent the interests of over 500 plaintiffs and urged affected investors to join the claim.
According to Dune Analystics, Pump.fun has earned over $761 million in fees since its inception. Users have launched over 11,000 tokens on the launchpad.
Trading volumes peaked in January, reaching $3.3 billion weekly. In June, they remained around $1 billion.
The author of a thematic dashboard on Dune, known as Adam, concluded that most wallets in the platform’s top trader rankings are controlled by bots.
In March, Pump.fun launched its own DEX PumpSwap on Solana, ceasing collaboration with Raydium. In May, the team introduced a reward mechanism for meme token creators.
According to a report by Solidus Labs, 98.6% of meme coins launched on the Pump.fun platform were linked to fraudulent rug pull and Pump & Dump schemes.