PUMP Crashes 14% Below ICO Price After Founder Rules Out Airdrop
Main Idea
PUMP token's value dropped over 14% after its founder ruled out an immediate airdrop, shifting focus to long-term utility and fair distribution.
Key Points
1. PUMP token fell over 14% in 24 hours after founder Alon Cohen confirmed no immediate airdrop, emphasizing a 'meaningful' future distribution.
2. The token, which debuted at $0.004 during its ICO, has dropped roughly 50% from its all-time high of $0.0068 on July 16.
3. Jeffrey Huang (Machi Big Brother) has suffered over $5.8 million in losses from his long position in PUMP but continues to add to it.
4. Declining user activity and the absence of short-term airdrop incentives have contributed to the token's 40% drop over the past week.
5. PUMP's value is now expected to be driven by platform utility rather than airdrop hype, with investors advised to focus on long-term prospects.
Description
PUMP, the native token of Pump.Fun, dropped over 14% in 24 hours after founder Alon Cohen confirmed that there is no immediate token airdrop. During a live with Michael “ThreadGuy” Jerome, Alon noted that the PUMP airdrop “is not going to be taking place in the immediate future.” He added that the team will inform investors of any details or timelines once they become available. Allon speaks about the pumpfun airdrop live on threadguy stream, "We want to reward OG pumpfun users" pic.twitter.com/...
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