TLDR
- PUMP token crashed 12-20% after cofounder Alon Cohen confirmed the anticipated airdrop won’t happen anytime soon
- The token has fallen over 50% from its post-ICO peak of $0.0067 and is now trading below its $0.004 ICO price
- Large holders dumped 1.25 billion PUMP tokens worth $3.8 million, losing $1.19 million in the process
- Legal pressure is mounting with expanded lawsuits targeting Solana Foundation, Solana Labs, and Jito team members under RICO law
- Cohen said the team wants the airdrop to be “meaningful and executed well” while focusing on ecosystem growth first
PUMP token price faced heavy selling pressure on Thursday, dropping 17% from a local high of $0.00369 to $0.00305 within 24 hours. The decline came after Pump.fun cofounder Alon Cohen confirmed that the highly anticipated airdrop would not happen soon.
The token briefly recovered to $0.003243 but remained down 11% on the day. This extends a longer selloff that began after the token’s launch earlier this month.
PUMP has now fallen more than 52% from its all-time high of $0.0068 reached on July 16. The token is trading below its initial coin offering price of $0.004, which has prompted fresh concerns among investors.
Speaking in a July 23 interview with Michael “ThreadGuy” Jerome, Cohen walked back earlier expectations about the airdrop timeline. He said the team still plans to deliver an airdrop but will prioritize execution and ecosystem growth over speed.
“We’re going to keep our word, but the airdrop is not going to take place in the immediate future,” Cohen stated. He added that the team wants the distribution to be “meaningful and executed well.”
The cofounder explained that Pump.fun’s priority is to boost ecosystem growth and trading volumes first. He said the team hopes to “bring back attention and hype” organically rather than relying on giveaways.
Large Holders Exit Positions
On-chain data revealed that large holders were cutting their losses after the airdrop delay news. According to Lookonchain, two wallets likely tied to private sale investors sold 1.25 billion PUMP tokens.
The sales were worth around $3.8 million at roughly $0.00305 per token. These holders realized a loss of $1.19 million on their positions.
The selling pressure reflects broader disappointment among PUMP holders who had expected a near-term airdrop. Crypto enthusiast Shotgun noted that the token hit a new all-time low of $0.00337.
An early user claiming over $1 million in trading volume criticize