PUMP Crashes 14% Below ICO Price After Founder Rules Out Airdrop

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.