PUMP Token Plummets 63% Post-ICO as Bears Dominate Market

Pump.fun's native token PUMP has collapsed more than 60% since its $600 million ICO debut, defying the broader crypto market's bullish momentum. The token now trades at $0.0024—well below its launch price—amid a $879 million market cap and $2.4 billion fully diluted valuation.

Sell pressure intensified after co-founder Alon Cohen confirmed delays to a promised airdrop during a July 24 livestream. The disconnect between Pump.fun's operational success—12 million tokens deployed, $775 million revenue generated—and PUMP's dismal performance highlights the risks of meme coin speculation.

Bitcoin's stability NEAR $117,000 contrasts sharply with PUMP's freefall, underscoring how vaporware promises and broken timelines can erode confidence in experimental tokenomics. Market participants now question whether the project's business fundamentals justify its lofty valuation.