The PUMP token is under fire after its cofounder confirmed there’s no airdrop coming anytime soon. As price pressure builds, on-chain data also shows that some early investors may have lost millions due to poor timing and rushed decisions. Here’s the deep dig into the Pump activity over the week.
On-chain data uncovered by Lookonchain reveals that a private sale investor known as “PUMP Top Fund 2” moved 2 billion PUMP tokens, worth about $12.8 million at the time, to Binance eight days ago.
However, since Binance didn’t list PUMP for spot trading, those tokens sat idle and were returned approximately 23 hours ago. By then, their market value had fallen to $6.9 million. The investor promptly shipped the entire amount to Bybit, but the delay cost him close to $6 million in missed selling opportunities.
This misstep was soon followed by more selloffs. Two wallets linked to private investors dumped 1.25 billion PUMP, roughly $3.8 million, at prices near $0.00305, cutting into their positions by approximately $1.2 million.
On the same day, PUMP’s cofounder Alon Cohen confirmed that the token airdrop won’t happen anytime soon. Speaking on a live stream, he said the team wants the airdrop to be “meaningful and executed well,” and that they’re focusing first on expanding the ecosystem and boosting trading volume. Investors reacted swiftly over the news and the token slumped 12% in a single day, breaching its ICO price of $0.004 and falling more than 50% from its $0.0067 post-ICO high.
Launched in early 2024 on Solana, Pump.fun allowed users to create meme coins in minutes and quickly hit near $1 billion in revenue. However, the system’s actual utility has yet to match the hype. With the airdrop stalled, community tension has surged. An early user, boasting over $1 million in trading volume, criticized the team for seeming to “turn their back” on supporters.
Another user pointed out that PUMP sank to a new all-time low of $0.00337, warning that without new airdrop incentives, demand must be driven by fundamentals.
PUMP’s future hangs on rebuilding community trust and delivering usable utility, not just giveaways. The token needs meaningful ecosystem growth and trading volume to reverse its current slump. Until then, investors remain on edge. The real test for Pump.fun will be whether it can sustain momentum with a foundation broader than hype.
PUMP dropped 12% after its cofounder delayed the airdrop and early investors rushed to sell large holdings.
No, the airdrop isn’t canceled but delayed. The team plans to launch it later after improving utility and trading volume.
Pump.fun faces trust issues and lack of real utility, with users frustrated over delays and falling token prices.
PUMP needs real ecosystem growth, strong trading activity, and renewed community trust to bounce back.
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