PUMP Token Price Plummets as Cofounder Postpones Airdrop Announcement
PUMP Token Faces 12% Decline Following airdrop Announcement Delay
PUMP Token Experiences Significant Drop Amid airdrop Uncertainty
The PUMP Token has encountered a notable decline, plummeting by 12% in just one day after co-founder Alon Cohen announced that the much-anticipated airdrop is not expected to occur in the near future. This news has led to a decrease in PUMP’s value, pushing it below its initial ICO price.
Market Reaction to airdrop Delay
Following Cohen’s statement, the price of PUMP fell sharply, dipping below its initial ICO level. The token had previously reached a post-ICO high of $0.0067 just weeks ago but has since dropped over 50%. By Tuesday, PUMP was trading below its ICO price of $0.004, with further declines following the co-founder’s update.
Recent on-chain data indicates that major investors are looking to minimize their losses. According to analytics from Lookonchain, two wallets, likely associated with private sale investors, sold off 1.25 billion PUMP tokens, valued at approximately $3.8 million, at around $0.00305, resulting in a loss of $1.19 million.
airdrop Plans Postponed, Says Pump.fun Co-founder
PUMP holders’ concerns were confirmed during a live discussion between Alon Cohen and Michael “ThreadGuy” Jerome, where Cohen stated that there are no immediate plans for an airdrop. He emphasized the importance of ensuring that the airdrop is meaningful and well-executed, prioritizing the growth of the ecosystem and trading volumes first.
Cohen reassured the community that while the airdrop is still part of their plans, it will not happen in the immediate future. The team aims to organically generate interest and excitement rather than relying on giveaways.
The Future of PUMP: Challenges Ahead
Launched in early 2024, Pump.fun quickly gained traction on the Solana blockchain, enabling users to create memecoins in minutes. The platform approached $1 billion in revenue, driven by the meme coin trend. Its public token sale sold out rapidly, and PUMP briefly surged by 16% in premarket trading on Hyperliquid. However, the initial excitement has waned as the actual utility of the token has not met early expectations.
Despite the current downturn, Cohen remains optimistic about the airdrop, stating it is merely delayed. He expressed a desire to revive interest in the project without relying on promotional giveaways.
Market analysts have pointed out that the lack of immediate airdrop hype has exposed vulnerabilities within the PUMP ecosystem. Crypto enthusiast Shotgun noted that the token has reached a new all-time low of $0.00337, warning that without airdrop farming to drive demand, the project must demonstrate its ability to sustain itself independently.
An early user, who claimed over $1 million in trading volume, criticized the team for neglecting their loyal supporters, stating that it is unacceptable to disregard the community that helped build the platform.
As it stands, the PUMP Token continues to face downward pressure, and the project’s future may hinge on its ability to cultivate genuine demand beyond speculative trading.
