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PUMP Token Crashes 12% as Airdrop Delayed
In only one day, the price of the PUMP token fell by 12%. The much anticipated airdrop will not be occurring anytime soon, according to Pump.fun’s founders.
After Pump.fun co-founder Alon Cohen said that an airdrop is still in the works, but it won’t be happening anytime soon, the price of PUMP dropped 12% and fell below its original ICO threshold.
Investor sentiment turns negative amid sudden airdrop postponement
After reaching a post-ICO high of $0.0067 just weeks ago, PUMP had already fallen more than 50% before the collapse. Following Cohen’s announcement, the token continued to decline and had traded below its $0.004 ICO price by Tuesday.
According to on-chain statistics, major holders were quickly trying to cash out. Lookonchain reports that a loss of $1.19 million occurred when two wallets, linked to private sale investors, dumped 1.25 billion PUMP, which is around $3.8 million, for about $0.00305.
Wednesday, PUMP holders had their fears realized when Alon Cohen stated in a live chat with Michael “ThreadGuy” Jerome that an airdrop is not in the works at this time. Launched in early 2024, Pump.fun quickly became a hit on Solana because it allowed anybody to create memecoins in a matter of minutes. The platform’s revenue surged close to $1 billion due to the popularity of meme coins.
The airdrop, according to Cohen, is still planned, but delayed, because of the recession. Instead than depending on giveaways, the team aims to “bring back attention and hype” naturally. An early adopter who said they traded over $1 million blasted the squad for “turning their back” on devoted fans.
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