PUMP, the native token of memecoin launchpad Pump.Fun, dropped over 14% in the past 24 hours after co-founder Alon Cohen said there’s no plan for an airdrop anytime soon.
During a livestream with crypto influencer Michael “ThreadGuy” Jerome, Cohen stated, “The PUMP airdrop is not going to be taking place in the immediate future.” He assured that the team would share updates and timelines when ready.
Cohen added that Pump.Fun still plans to reward its community through an airdrop but wants to do it right.
“We want to make sure it is a meaningful airdrop and it is executed well. Right now, we’re focused on bringing back hype and attention to the ecosystem.”
Alon Cohen
The token launched at $0.004 during its ICO, with 12.5% of the 1 trillion total supply in circulation. It reached an all-time high of $0.0068 on July 16, its first trading day. Since then, PUMP has dropped by around 50%.
Long-term growth rather than quick rewards
Pump.Fun’s founder has made it clear that the project is focused on long-term growth rather than quick rewards, stressing the importance of a fair and well-executed airdrop.
Still, falling user activity is casting doubt on PUMP’s short-term price outlook, especially as trading volume drops and token distribution becomes a concern.
Over the past week, PUMP has plunged more than 40%, according to CoinMarketCap. The token’s market cap is also down 14%, with its price sitting at $0.0031 at the time of writing.
Despite the sharp drop, on-chain data from Lookonchain shows that crypto investor Jeffrey Huang (aka Machi Big Brother) has increased his PUMP long position. However, this position is now down by over $5.8 million.
Additionally, two wallets tied to private sale investors recently sold more than 1.2 billion PUMP tokens at $0.003, resulting in a combined loss of $1.19 million.
