- PUMP token plummeted over 21% in 24 hours, now trading below presale at $0.00406.
- Market cap fell to $1.43 billion; only 3% of early buyers increased their token holdings.
- ICO managed to secure $600 million within 15 minutes, yet no airdrop rewards created community uproar.
Pump.fun’s PUMP token has fallen below its presale level, triggering panic among retail traders. The token dipped near 21% in the last 24-hour span and is currently at $0.00406. The dip continues even with the listings for larger exchanges, including the likes of OKX and BitMEX.
CoinMarketCap shows the market cap has declined to $1.43 billion. Despite recording over $1.1 billion in daily volume, buyers failed to hold the $0.00522 level. That previous high has now flipped into resistance, and sellers appear firmly in control of the market’s momentum.
Less than a week after the initial coin offering, PUMP went into reverse suddenly. The price of the token is back close to the original listing price. PUMP fell by over 22% today, indicating weak investor confidence since the ICO. The market is still nervous amidst this rapid correction.
Investor Sentiment Sours As Selloffs Rise
BitMEX reports that 59.6% of early buyers have sold or moved their tokens. Only 3% increased holdings, reflecting fading belief in the project. Coinalyze data shows a 16.3% drop in open interest, now sitting at $629.2 million. Sentiment has turned bearish in the short term.
Trader Crypto Bully warned on X that more downside is similar. He sees signs for more short setups forming, but gives no strong support level. Pump.fun tried to support the price with a $2.3 million buyback. However, the market continued falling afterward.
PUMP Token Price Fails to Sustain Momentum
Chainalysis reports that the ICO for Pump.fun became the third-largest ever, gathering $600 million within 15 minutes, similar to Circle’s initial IPO fundraising goal. In spite of the strong beginning, the token price did not hold the initial pace as the traders hastened to take a position.
The token sale’s swift close funneled coins to whale wallets, despite public limitations. Its scale matched this year’s largest crypto IPOs, running close to Circle’s $8 billion valuation. But the absence of token rewards for loyal traders and meme developers frustrated sectors of the crypto community.
The Pump.fun team had hinted at an airdrop before the launch. There were no rewards issued, and this led to speculation that whales were favored. Many long-time supporters expressed frustration online, highlighting the lack of benefits for retail investors in the token distribution process.
Also Read: PUMP Token Hits All-Time High as Pump.fun Begins Buyback, Next Crypto Presales to Explode
