The native token of Pump.Fun, PUMP, has plunged over 14% in the past 24 hours, dropping below its initial coin offering (ICO) price after the project’s founder, Alon Cohen, announcedx there are no immediate plans for a token airdrop.
Founder: “No Immediate Airdrop” Planned
In a recent live session with popular Web3 personality Michael “ThreadGuy” Jerome, Cohen confirmed that the anticipated PUMP airdrop “is not going to be taking place in the immediate future.” He assured users that details regarding the airdrop will be communicated once finalized, but emphasized that the team is focusing on long-term growth rather than short-term hype.
“We want to make sure that it is a meaningful airdrop and executed well,” Cohen said. “We’re actually focusing on bringing back attention and excitement to our ecosystem.”
Token Falls Below ICO Price Following Delay
Pump.Fun launched PUMP at an ICO price of $0.004, representing 12.5% of its 1 trillion token supply. The token surged to an all-time high (ATH) of $0.0068 on its debut day (July 16), but has since experienced a significant pullback.
At the time of writing, PUMP is trading at $0.0031, down nearly 50% from its peak, and over 14% below its ICO price, per CoinMarketCap data.
Private Investors Dump Tokens as Machi Big Brother Doubles Down
Adding to the selling pressure, blockchain analytics platform Lookonchain revealed that two wallets connected to private sale investors recently dumped over 1.2 billion PUMP tokens at $0.003, incurring a combined loss of approximately $1.19 million.
Meanwhile, controversial crypto investor Jeffrey Huang, known as Machi Big Brother, has increased his long position in PUMP despite the token’s steep decline. Reports suggest that Machi’s position is currently down over $5.8 million.
Shift from Hype to Utility-Driven Value
The sharp decline has raised concerns among investors about the future trajectory of PUMP. With the airdrop delayed and speculative hype cooling off, the token’s performance may now hinge on the actual utility and development of the Pump.Fun platform.
“The market is clearly reacting to the airdrop delay,” one analyst noted. “Unless the team delivers real value, further downside is possible.”
Despite the current bearish sentiment, the project’s leadership maintains a long-term outlook. The team insists that airdrops should serve the ecosystem, not just short-term traders.
What’s Next for PUMP Investors?
While short-term volatility is expected, long-term holders may find opportunities if Pump.Fun successfully builds out its ecosystem and attracts sustained user engagement.
However, with market cap down 14% and trading volume slowing, analysts caution that price recovery may depend heavily on future utility milestones, partnership announcements, and broader memecoin market sentiment.
More Info: https://coingape.com/pump-token-price-crashes-as-cofounder-delays-airdrop-plans/
