The PUMP Token has been experiencing a sharp decline amid recent setbacks. Following the official postponement of an airdrop by the project's co-founders and the disclosure of significant losses by early investors, trust issues in the PUMP ecosystem have emerged. As community disappointment surfaced, the token's price plummeted by 12% in a single day, falling below its initial ICO price.
According to the coin analysis platform Lookonchain, an individual investor presumed to be 'PUMP Top Fund 2' deposited approximately 200 million PUMP (around $17.78 million or 2.47 billion won) on Binance eight days ago. However, as Binance did not list the token on its spot exchange, the investor could not sell it in time. These tokens were returned about 23 hours ago, with their value dropping to approximately $9.6 million (about 1.33 billion won), resulting in an actual loss of around 1.14 billion won.
Similar damage cases continued. Two other wallets sold approximately 1.25 billion PUMP during the price decline, recovering about $3.8 million (around 528 million won) but incurring losses of over 166.8 million won compared to their initial investment. The sell-off immediately following the project's announcement of postponing the official airdrop is interpreted as evidence of how fragile investor trust in the token has become.
On the same day, PUMP co-founder Alon Cohen stated during a live broadcast that "the airdrop timing is undetermined, and building a meaningful ecosystem and expanding trading volume are priorities." This stance directly contradicts the expectations of investors hoping for short-term price support. Immediately after the announcement, PUMP's price plummeted below its ICO price of $0.004, recording a daily decline of 12% and over 50% from its peak, currently trading at around $0.00337.
PUMP originated from 'Pump.fun', a meme coin generation platform launched on Solana in early 2024. Initially gaining attention for allowing anyone to create a meme coin within minutes, the platform achieved sales of up to $1 billion (approximately 1.39 trillion won). However, as time passed, questions about the platform's practical usability and sustainability grew, and this airdrop postponement controversy further fueled such distrust.
A user who has been involved with PUMP since its early stages and executed transactions exceeding $1 million (about 1.39 billion won) expressed dissatisfaction on X (formerly Twitter), saying, "The community's long-standing support has been disregarded." Another user pointed out, "It's questionable whether the ecosystem can maintain its competitiveness after losing its core driver of the airdrop."
Experts are analyzing the core of this situation as a "gap between expectations and reality." They warn that without fundamental improvements such as enhancing actual value and expanding functionality, ensuring sustainability will be difficult. For PUMP to regain trust and rebound, a thorough communication strategy and securing actual utility are considered prerequisite tasks. It has been reconfirmed that building a genuinely useful platform is more important than an airdrop.
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