Particle.news
Download on the App Store
3 ARTICLES
·
21h ago

PUMP Token Tumbles Over 60% as Airdrop Stalls, Lawsuit Looms

Pump.fun has generated hundreds of millions in revenue, with its token mired in a prolonged sell-off driven by market skepticism.

Image
Image
PUMP crashes over 50% post-ICO as founder says airdrop not coming soon

Overview

  • PUMP has plunged more than 60% since its mid-July ICO and now trades at $0.0024, down from its $0.004 launch price, with a market cap of $879 million and a fully diluted value of $2.4 billion.
  • Co-founder Alon Cohen announced on July 24 that the long-promised airdrop will not occur imminently, eroding community trust and intensifying selling pressure.
  • On-chain data shows two private-sale wallets unloaded 1.25 billion PUMP tokens at $0.00305 each, realizing approximately $1.19 million in losses.
  • Despite generating about $775 million in revenue and deploying 12 million tokens, Pump.fun’s robust financials have failed to halt the token’s downward spiral.
  • The project now faces a $5.5 billion class-action suit in New York alleging it operates an unlicensed casino scheme, while competitors like LetsBonk gain ground.