Founder Alon Cohen clearly stated that 'there will be no token airdrop in the short term.'
Written by: Sujha Sundararajan, Cryptonews
Compiled by: Jessica, Techub News
The native token PUMP of the Pump.Fun platform fell over 14% within 24 hours after founder Alon Cohen confirmed that there will be no token airdrop.
In a live conversation with Michael 'ThreadGuy' Jerome, Alon stated that 'the PUMP airdrop will not be initiated in the short term,' and promised that the team will notify investors as soon as specific details and a timeline are determined.
Alon emphasized that the company aims to give back to community members who co-build the platform through airdrops: 'We strive to ensure that airdrops are meaningful and executed well. The current focus is on revitalizing the ecosystem's enthusiasm. For this reason, airdrops will not be implemented in the short term.' The meme token was priced at $0.004 each during the ICO period (12.5% of the total supply of 1 trillion tokens), and on the first day of listing on July 16, it reached a historical high of $0.0068, but the price has since fallen by about 50%.
PUMP Downward Trend Analysis - How Should Investors Respond?
The founder stated that the platform focuses more on long-term development rather than short-term incentives, emphasizing the construction of a fair airdrop distribution mechanism. However, according to CoinMarketCap data, with declining user activity, along with the current token distribution and trading volume performance, PUMP has plummeted by 40% in the past week. As of the time of publication, the token's total market value has shrunk by 14%, currently reported at $0.0031.
On-chain data shows that despite the continuous decline of the token, Jeffrey Huang, known as 'Machi Brother,' is still increasing his long position in PUMP, with his long position currently showing a loss of over $5.8 million.
In addition, two associated private investors' wallet addresses have sold over 1.2 billion PUMP at an average price of $0.003 in the past two hours, resulting in a loss of $1.19 million. The future value of the PUMP token may depend more on the platform's core functions rather than airdrop speculation. In the short term, as the market digests the news of the airdrop plan changes, holders need to be prepared for price fluctuations.
In addition, two associated private investors' wallet addresses have sold over 1.2 billion PUMP at an average price of $0.003 in the past two hours, resulting in a loss of $1.19 million. The future value of the PUMP token may depend more on the platform's core functions rather than airdrop speculation. In the short term, as the market digests the news of the airdrop plan changes, holders need to be prepared for price fluctuations.
