tl;dr
PUMP, the native token of Pump.Fun, dropped over 14% within 24 hours after founder Alon Cohen confirmed no immediate token airdrop. Cohen stressed the airdrop will occur later to fairly reward the community and revive ecosystem interest. Initially priced at $0.004 during its ICO, PUMP peaked at $0.0...
PUMP, the native token of Pump.Fun, experienced a significant drop of over 14% within 24 hours after founder Alon Cohen confirmed there would be no immediate token airdrop. During a live session with Michael “ThreadGuy” Jerome, Alon emphasized that the airdrop "is not going to be taking place in the immediate future." He assured that the team would notify investors about any plans or timelines as they become available. The goal remains to reward the community that helped build the platform with a meaningful and well-executed airdrop, aiming to reignite attention and excitement around the ecosystem.
Initially priced at $0.004 during its ICO, PUMP represents 12.5% of the total 1 trillion token supply. The token reached its all-time high of $0.0068 on the first day of trading, July 16, but has since fallen by roughly 50%. This steep decline has shifted investor sentiment, particularly given the recent 40% drop in the last seven days and ongoing questions about the token’s short-term prospects amidst declining user activity.
Founder Alon Cohen highlighted Pump.Fun’s strategic focus on long-term development rather than immediate rewards through the airdrop, underscoring a commitment to fairness in launch protocols. Despite this, market data points to a challenging period, with the token’s market cap down 14% and trading at $0.0031 as of now. Notably, Jeffrey Huang, also known as Machi Big Brother, has increased his PUMP long position even though it has suffered losses exceeding $5.8 million. Meanwhile, private sale investors linked to two wallets sold over 1.2 billion PUMP tokens at $0.003, accounting for a combined loss of $1.19 million.
Going forward, the PUMP token’s value seems poised to depend less on hype from airdrops and more on the actual utility and fundamentals of the Pump.Fun platform. Investors are closely watching whether the team’s long-term plans and ecosystem development will stabilize and ultimately boost token performance.