MultiversX Tracker is Live!

PUMP holders sell at a loss as Pump.fun founder confirms airdrop won’t happen soon

CoinJournal

Cryptocoins News / CoinJournal 1 day ago 19 Views

  • Two wallets dumped 1.25B PUMP coins within 2 hours, incurring $1.19M loss.
  • The move came after Pump.fun founder confirmed delays in the much-awaited airdrop.
  • The alt exhibits bearishness amidst community restlessness, down 4% in the past day.

Pump.fun’s meme token has failed to keep pace due to massive dumps from key investors.

PUMP has plummeted from its private sale price of $0.004 to $0.002202 amid overwhelming selling pressure since the July 12 public sale event.

The meme token’s sell-off continued today.

Lookonchain data shows two whale wallets, linked to early investors, dumped 1.25 billion PUMP coins within two hours.

The combined sale was worth approximately $3.81 billion and led to losses of over $1.19 million.

The participants offloaded at $0.00305 per token.

The continued sell-offs have stirred concerns among PUMP holders.

While enormous token sales from early investors are usual in the digital assets space, the timing and scale of Pump.fun’s sale, combined with disappointing updates about the much-awaited airdrop, magnified the bearish momentum.

Pump.fun founder confirms no immediate airdrop

While analysts speculated that delayed airdrop prompted the considerable token dumps, Pump.fun’s founder has cemented this fact.

The meme generator’s founder, Alon Cohen, addressed the airdrop concerns during an interview with Michael ThreadGuy Jerome on Wednesday.

Alon confirmed that the project will hold an airdrop.

However, he emphasized that the giveaway event will have to wait, as the current priority remains ecosystem development and long-term growth.

Alon clarified that Pump.fun targets a well-executed and meaningful giveaway that rewards the community instead of rushing to meet hype-fueled deadlines.

He said:

We want to make sure that it is a meaningful airdrop and it is executed well. We’re actually focusing on bringing back a lot of that attention and hype to our ecosystem. That being said, the airdrop is not going to be taking place in the immediate future.

Alon added that they will communicate any details and timelines when it’s appropriate.

While the explanation may have made sense to some, others view it as a delay that signals internal uncertainty or fading momentum.

Private investors exit Pump.fun

Despite official confirmation, on-chain experts have identified addresses dumping PUMP as those that purchased during the early public sale period.

The most alarming thing is the participants are opting to exit at a loss.

That could only indicate two things: a lack of trust in PUMP’s short-term performance or strategic exits before a liquidity crunch.

PUMP price action

Pump.fun’s native token has lost nearly 4% in the past 24 hours to trade at $0.02202.

Technical indicators demonstrate downward pressure.

PUMP trades below the vital 50- and 100-Exponential Moving Averages on the 1D chart, confirming dominant sellers.

the 1D RSI at 55 suggests room for more PUMP dips before oversold situations emerge.

Also, 3HMACD displays a weakening momentum, failing to decisively surpass the signal line since the July 18 bearish crossover.

With technicals and fundamentals screaming bearish, Pump.fun’s native token remains poised for extended declines before securing a reliable footing.

The post PUMP holders sell at a loss as Pump.fun founder confirms airdrop won’t happen soon appeared first on CoinJournal.


Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Read more

Related Posts

Comments