PUMP Token Tanks Despite Pump.fun’s Historic ICO Ranking as Third-Largest Ever
Memecoin launchpad Pump.fun just pulled off a shocker—landing the third-biggest ICO in crypto history. But its namesake token? Straight off a cliff.
The irony isn't lost on degens. A platform built on hype can't keep its own token afloat—almost poetic, really. Meanwhile, VC sharks are already circling the next 'sure thing.'
Active traders are dumping PUMP faster than a rug-pull Discord chat. The chart looks like a ski jump, with no safety net in sight. Classic crypto: raise millions, deliver memes.
One rule still holds: in speculative frenzies, the house always wins. Retail? Left holding bags as usual.
PUMP crashes despite buyback attempt
Just two days after the token launch, PUMP erased 20% from its presale price. The token still relies on decentralized pairs with volatile liquidity, easily leading to a slump to the $0.004 range.
Previously, PUMP managed to climb above $0.006, though still facing pressure from whales and short sellers. The short-term rally coincided with a buyback attempt from the Pump.fun team.
The PUMP ICO was distributed between whales and retail wallets, with around 55% of participants participating with less than $1,000. A total of 202 wallets spent over $1M on the ICO.
In the first days after the sale, a total of 1,850 wallets held their original allocation. 2,937 wallets sent their PUMP allocation immediately to exchanges, while another 5,044 wallets moved the tokens, with no clear sign of intentions to sell.
Pump.fun token activity tanks with increased competition
PUMP underperformed despite the positive performance of the entire crypto market. The ICO happened during peak trading times, but the market had little appetite for new assets while BTC was making new records.
PUMP also faces pressure from the slowing activity and fee generation on Pump.fun. The platform only had 77 tokens graduate in the past 24 hours, with 288 new memes coming from LetsBonk. The new platform also produced its first token valued at over $10M after graduation.
The setback for Pump.fun may be temporary, as the meme launchpad has previously seen slower periods. However, having a new venue for the trenches may displace Pump.fun from the top.
LetsBonk daily fees also expanded to a record of $1.69M, while Pump.fun is down to $550K in 24 hours. Some of the losses on the meme launchpad coincided with upturn in revenue for PumpSwap DEX, which still achieves $1.66M in daily fees.
Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
