Meme token factory Pump.fun has postponed its planned token auction and listing, originally scheduled for June 25. According to journalist Colin Wu, who cited insider sources, the events are now expected to take place in July.

According to sources, the platform began planning the launch and sale of the PUMP token at the end of last year and has postponed the events several times since then.

As of early June, Pump.fun was aiming to raise $1 billion through the token sale, based on a self-valuation of $4 billion.

The reasons for the latest delay in the token’s release have not been disclosed.

On June 16, social media platform X suspended the accounts of Pump.fun and its founder. At least 19 other accounts associated with meme coin trading were also blocked.

Some linked the action to legal proceedings. In January, the New York-based law firm Burwick Law announced it was preparing a lawsuit against the platform on behalf of investors who had lost “significant sums.”

The firm noted that the platform’s founders had collected “hundreds of millions of dollars” in fees in recent months while remaining anonymous. Meanwhile, the platform allegedly featured antisocial content and was rife with rug pull schemes, fraud, and deception.

Following the account suspensions, Burwick Law stated that they are now representing more than 500 plaintiffs and called on other affected investors to join the claim.

According to Dune Analytics, Pump.fun has generated over $761 million in fees since its inception, with users launching over 11,000 tokens on the platform.

Trading volumes peaked in January, with weekly activity reaching $3.3 billion. In June, volume has remained around the $1 billion mark.

The creator of a themed dashboard on Dune, known by the nickname Adam, concluded that most of the wallets ranked among the top traders on the platform are controlled by bots.

In March, Pump.fun launched its own decentralized exchange, PumpSwap, on Solana, ending its collaboration with Raydium. In May, the team introduced a reward mechanism for meme token creators.

It’s worth noting that, according to a report by Solidus Labs, 98.6% of the meme coins launched on the Pump.fun platform have been linked to fraudulent rug pull and pump-and-dump schemes.