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

Key Takeaways

• PUMP is down more than 50% as the meme coin launchpad’s airdrop buzz runs out of steam.
• Alon said the team would announce the timeline and full details about the airdrop when everything is finalized.

PUMP, the native token of meme coin launchpad Pump.fun, has plunged over 50% in less than two weeks, as airdrop hype fades.

The token surged to $0.0067 following the launch event but quickly retraced below $0.005 in the days after. As of Tuesday, it continued falling today after project chief Alon Cohen said an airdrop is not coming soon.

“When it comes to the airdrop, as we promised when we initially announced the TGE, there will be an airdrop. That should come as no surprise to anybody. We’re going to keep our word, and our goal with that airdrop is to obviously reward the community that helped build a platform that…has flourished for the past one, one and a half years,” said Alon in a Wednesday interview with Michael “ThreadGuy” Jerome.

“We want to make sure that it is a meaningful airdrop and it is executed well,” Alon added, noting that the team is focusing on the ecosystem’s long-term growth.

“We’re actually focusing on bringing back a lot of that attention and hype to our ecosystem. That being said, the airdrop is not going to be taking place in the immediate future, but we will be, you know, we will communicate any timelines or any details, whatever those details are, are available,” he said.

Investors’ sentiment around PUMP appears to be mixed. According to data tracked by Lookonchain, Jeffrey Huang, commonly known as Machi Big Brother, has added to his PUMP long position despite being down over $5.8 million amid the token’s steep decline.

The wallets linked to private sale investors, on the other hand, sold over 1.2 billion PUMP at $0.003 in the past two hours, resulting in a loss of approximately $1 million.