The much-anticipated token auction for Pump.fun, a Solana-based meme coin launchpad, is getting bumped again, now targeting mid-July 2025 instead of the previously scheduled June 25 date.
While the platform has drawn massive attention with an estimated $4 billion valuation, this isn’t the first delay.
And with regulatory heat and internal challenges building up, many in the crypto community are wondering what’s really going on behind the scenes.
Multiple delays and growing legal scrutiny
According to crypto reporter Wu Blockchain, sources close to Pump.fun confirmed that the project’s token auction, in the works since late 2024, has seen several postponements.
While some chalk it up to strategic timing, others are connecting the delays to deeper issues, including a federal lawsuit filed earlier this year.
The class-action suit, spearheaded by investor Juan Aguilar and represented by Burwick Law, accuses Pump.fun of running an alleged $500 million pump-and-dump scheme tied to unregistered securities.
The claims suggest the platform worked with influencers to artificially inflate token prices, only to pull the plug and leave retail traders in the dust.
The auction’s valuation still hovers around the $4 billion mark, and Pump.fun has reportedly been selling token allocations to various crypto funds, a move seen by some as a vote of confidence.
However, confidence may be wavering among retail users, especially after Pump.fun and its related accounts were suspended on X earlier this week.
That suspension triggered a sizable SOL selloff and reignited concerns about regulatory pressure, possibly from jurisdictions in North America and the UK.
Airdrop rumors, market reaction, and community divide
As delays stretch on, rumors continue to swirl about a possible $1 billion raise and a 10% token airdrop, details that remain unconfirmed by the Pump.fun team.
Community sentiment is split. Some users, like influencer Ash Crypto, claim the platform has “ruined” the crypto space, alleging it extracted hundreds of millions in value while delivering losses to most participants.
Others argue that treasury moves and strategic token sales are standard for any high-risk DeFi launch, especially in today’s regulatory space
Whether Pump.fun can deliver a successful auction next month remains to be seen. However, for now, the memecoin community will be watching closely to see if this July deadline sticks, or becomes another item in the delay column.
