Founder Alon Cohen clearly stated that "there will be no token airdrop in the short term".
Written by: Sujha Sundararajan, Cryptonews
Translated by: Jessica, Techub News
The native token PUMP of Pump.Fun platform dropped over 14% within 24 hours after founder Alon Cohen confirmed that token airdrop will not be implemented immediately.
During a live conversation with Michael "ThreadGuy" Jerome, Alon stated that "PUMP airdrop will not be launched in the short term" and promised that the team will notify investors as soon as specific details and timeline are determined.
Alon emphasized that the company aims to reward community members who have helped build the platform through airdrops: "We strive to ensure that the airdrop is meaningful and well-executed. Our current focus is on revitalizing the ecosystem's momentum. For this reason, the airdrop will not be implemented in the short term." The meme token platform was priced at $0.004 per token during the ICO (12.5% of total supply of 1 trillion tokens), reached a historical high of $0.0068 on its first day of listing on July 16, and 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 and considering the token distribution status and trading volume, PUMP has plummeted 40% in the past seven days. At the time of writing, the token's total market value has shrunk by 14%, currently trading at $0.0031.
On-chain data shows that despite the token's continuous decline, Jeffrey Huang, known as "Machi Big Brother", is still long on PUMP, with his long position currently showing an unrealized loss of over $6 million.
Additionally, wallet addresses of two associated private investors sold over 1.2 billion PUMP tokens at an average price of $0.003 in the past two hours, resulting in a $1.19 million loss. The future value of the PUMP token may depend more on the platform's core functionality rather than airdrop speculation. In the short term, as the market digests the changes in the airdrop plan, holders need to be prepared for price fluctuations.
Additionally, wallet addresses of two associated private investors sold over 1.2 billion PUMP tokens at an average price of $0.003 in the past two hours, resulting in a $1.19 million loss. The future value of the PUMP token may depend more on the platform's core functionality rather than airdrop speculation. In the short term, as the market digests the changes in the airdrop plan, holders need to be prepared for price fluctuations.
