Pump.fun, which runs on the Solana network and allows users to create meme coins in minutes, has attracted significant attention since the beginning of 2024. However, the project's own token, PUMP, has only recently launched. The airdrop delay, early investor errors, and increasing selling pressure have already shaken the project. Private investors lost $6 million due to poor timing and the sudden 12% price drop are increasing frustration within the community.
Pump.fun investors are disappointed with the PUMP airdrop
PUMP, one of the most talked-about projects in the cryptocurrency market in recent days, is facing a significant erosion of trust due to both investor errors and the project team's decisions. The airdrop delay and millions of dollars in losses from early investors have led to a sudden 12% drop in the token's price. PUMP quickly rose to prominence as a meme coin project, but it is now undergoing a serious stress test.
Early investor makes a huge mistake: $6 million evaporates
Meanwhile, according to on-chain data, a private investor named "PUMP Top Fund 2" transferred approximately 2 billion PUMP tokens (currently worth $12.8 million) to Binance eight days ago. However, because Binance had not yet listed the PUMP token on the spot market, these tokens sat dormant in the exchange's wallet. During this period, the token's value halved, falling to $6.9 million. The investor bought the tokens back approximately 23 hours ago and transferred them to Bybit. However, due to the timing error, they missed a sale opportunity of approximately $6 million.
The selling wave, which wasn't limited to this incident, continued with the sale of 1.25 billion PUMP tokens from two different wallets. These tokens, worth $3.8 million, were sold at an average price of $0.00305, resulting in a loss of approximately $1.2 million.
Airdrop delay crashes prices
On the same day, PUMP co-founder Alon Cohen announced in a livestream addressing the community that the token airdrop would not take place "anytime soon." Cohen stated that their team's priority was to provide a meaningful airdrop experience, but that they were currently focused on growing the network and increasing transaction volume. The community reacted swiftly to this announcement, and the PUMP token price dropped 12% in one day, falling below its ICO price of $0.004. The token has lost over 50% of its value from its post-ICO peak of $0.0067.
There is growing frustration within the community. One early adopter, who had generated over $1 million in trading volume, expressed his disapproval, saying the team had “turned their backs on their backers.” Another user noted that the PUMP price had fallen to an all-time low of $0.00337, emphasizing that without new airdrop incentives, demand should be based solely on the project’s actual benefits.
