$PUMP token has fallen below its ICO price, resulting in total losses for investors.
$PUMP token of Pump.fun has fallen below its initial coin offering (ICO) price just over a week after its launch. The project raised $600 million in just 12 minutes earlier this month, but now all investors who purchased tokens during the ICO are in a state of loss.
Further Reading
$PUMP token public sale sold out in seconds! $600 million raised in 12 minutes, what market signals does this reveal?
According to DEX Screener data, $PUMP has dropped 15% in the past 24 hours, currently priced at $0.003756, which is 5% lower than its ICO valuation of $0.004. The token had previously soared 72% to a historical high of $0.006878 shortly after launch, partly due to Pump.fun's buyback of $19.24 million that day. However, the buyback scale has significantly reduced to only $125,000 by Sunday, with the token value plummeting 45% from its historical high.
Image source: DEX Screener $PUMP has dropped 15% in the past 24 hours, currently priced at $0.003756.
Airdrop announcement delayed, community impatience rises.
The Pump.fun community is becoming increasingly impatient as the airdrop date has yet to be announced. In the official token announcement, Pump.fun confirmed that the airdrop is 'coming soon', but since the token launch over a week ago, users have become restless due to the lack of detailed information.
Pump.fun's official X account and posts from co-founder Alon Cohen have been bombarded with comments from users demanding information about the airdrop or requesting a rise in the $PUMP price. Cohen also shared several mysterious posts, sparking heated discussions in the community. He wrote in a post: 'They said it would be on the 2nd, then the 12th, then the 15th, and now they say it's the 2nd again. Maybe you all will figure it out.'
Image source: X/@a1lon9 Pump.fun co-founder Alon Cohen shares mysterious posts.
Emergence of competitors threatens market position
Competitor LetsBonk, as a competing platform for the $BONK community, has accounted for most of the tokens issued through the Solana platform in 14 out of the past 15 days, marking the longest period of market dominance by a competitor's issuance platform.
In the past 14 days, the valuation of $BONK has surged by 56.7%, reaching a market capitalization of $2.7 billion, more than double that of $PUMP. Predictors in the forecast market Myriad Markets believe that $BONK has a 96% chance of surpassing $PUMP's market capitalization by the end of the month.
The poor performance of the $PUMP token reflects multiple challenges faced by the Pump.fun platform, including the rise of competitors, a lack of transparency regarding the airdrop plan, and a continuous decline in token price. Investors have expressed dissatisfaction with the management's handling of post-token launch matters, particularly concerning the timing of the airdrop and market communication. For those who invested in the ICO, waiting for the airdrop may be the only hope to recover some losses.
This content has been compiled by Crypto Agent from various sources, reviewed and edited by (Crypto City). It is still in a training phase and may contain logical biases or information errors. The content is for reference only and should not be considered as investment advice.
'Is it time to cut losses? Pump.fun token PUMP has fallen below the issuance price, plummeting 45% from its peak!' This article was first published in 'Crypto City'.
