Pump.fun Faces Lawsuit and Price Plunge After Airdrop Delay
Main Idea
Pump.fun faces a lawsuit and significant price drop after announcing no near-term airdrop, while competitor LetsBonk gains traction with a new buyback program.
Key Points
1. Pump.fun co-founder Alon Cohen stated there will be no airdrop in the near future, causing PUMP's price to drop by 18.7% and its market value to $0.003.
2. Burwick Law filed a class action lawsuit against Pump.fun and Solana, accusing them of mass-producing tokens and enabling insider trading and bot activity.
3. Pump.fun's competitor LetsBonk announced a buyback program, redirecting 1% of its marketing fund to support successful trading pairs, with a total capitalization exceeding $1 billion.
4. PUMP's presale raised 500 million tokens in 12 minutes, but 60% of ICO participants sold their holdings, leading to a 45% drop in token value from its peak of $0.0068.
5. Solana and Jito were accused of frontrunning with MEV tools, while Solana Labs and the Foundation allegedly monetized user activity.
Description
Pump.fun co-founder Alon Cohen said the airdrop will not happen in the near future. As a result, the price of PUMP fell by 18.7%. At the time of writing, the market value of the meme coin is $0.003, according to CoinGecko. Over the past week, PUMP has fallen by 42.4%. Problems at the ”Meme Token Factory” Law firm Burwick Law has filed a class action lawsuit against Pump.fun, Solana Labs, Solana Foundation, Jito Labs, and Jito Foundation. The plaintiffs accuse these parties of operating an illega...
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