Solana-based token PUMP has dropped over 50% in two weeks as Pump.fun founder Alon Cohen said an airdrop isn’t expected soon.
By Bhushan Akolkar
Editor Julia Sakovich
Updated
3 mins read
PUMP, the native crypto of the Solana-based launchpad Pump.fun, has lost another 20%, slipping under $0.30. This sell-off comes as founder Alon Cohen noted that an airdrop might not be coming anytime soon. PUMP price is down by 50% in the past two weeks following its pre-sale.
The PUMP token, which debuted at $0.004 during its ICO, jumped to $0.0067 after the launch event. However, it has been moving sideways since then and has corrected 50% following today’s price crash.
Earlier this week, PUMP token price crashed under its ICO price following project lead Alon Cohen’s statement that an airdrop is not expected anytime soon. In an interview on July 24 with Michael “ThreadGuy” Jerome, Alon said:
“When it comes to the airdrop, as we promised when we initially announced the TGE, there will be an airdrop. That should come as no surprise to anybody. We’re going to keep our word, and our goal with that airdrop is to obviously reward the community that helped build a platform that…has flourished for the past one, one and a half years.”
Along further added that the team is currently focusing on the platform’s long-term growth. He added that they don’t want to rush through the airdrop, making sure “it is a meaningful airdrop” and “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, but we will be, you know, we will communicate any timelines or any details, whatever those details are, are available,” Alon added.
PUMP price has been on a freefall today, crashing another 20% and moving under $0.0030. This fall comes with the daily trading volume dropping 66% to nearly $1 billion, showing strong bearish sentiment among traders.
However, Machi Big Brother continues to double down on his PUMP long positions. This is despite the fact that the investor is facing over $5.8 million in unrealized losses on his long positions.
As $PUMP keeps dropping, Machi Big Brother(@machibigbrother)'s $PUMP long position is now down over $5.8M, but he is still doubling down and adding more to his $PUMP long positions.https://t.co/T0DJNDGd53 pic.twitter.com/w3aDcxxCgD
— Lookonchain (@lookonchain) July 24, 2025
On the other hand, other private wallets are dumping their PUMP tokens in big numbers. Blockchain analytics firm Lookonchain reported that two wallets, likely linked to private sale investors, offloaded a combined 1.25 billion PUMP tokens, worth nearly $3.81 million.
2 wallets (likely private sale investors) sold 1.25B $PUMP($3.81M) at $0.00305 in the last 2 hours, losing $1.19M.https://t.co/5tx1g9vs6Lhttps://t.co/msm0ONmniu pic.twitter.com/glyBDgHfL8
— Lookonchain (@lookonchain) July 24, 2025
This sell-off happened in the last few hours, at the PUMP price of $0.00305, with the sale netting a realized loss of around $1.19 million.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
