Walrus blob · mainnet
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0.04);border-right:1px solid rgba(0, 0, 0, 0.04)"><h1 class="title" style="margin:0">Why Won’t PUMP Stop Dumping? Bears Are in Complete Control: Analysis</h1><h2 style="margin-top:0.5em;margin-bottom:1em">Pump.fun’s PUMP token has dropped by over 63% since its highly anticipated ICO. Where does it go from here? Here’s what the charts say.</h2><div style="display:flex;flex-direction:row;align-items:center;justify-content:space-between"><p style="font-size:14px;margin:5px 0px">By <span><a href="/author/jose"><span class="sc-adb616fe-0 bJsyml">Jose Antonio Lanz</span></a></span></p><div style="display:flex;flex-direction:row;align-items:center"><p style="font-size:14px;margin:5px 0px">6 min read</p><div style="height:4px;width:4px;background-color:#333;border-radius:50%;margin:0 11px"></div><p style="font-size:14px;margin:5px 0px"><span class="whitespace-nowrap"><time datetime="2025-07-25T19:50:11Z">Jul 25, 2025</time><time hidden datetime="2025-07-25T19:50:11Z" style="display:none">Jul 25, 2025</time></span></p></div></div><div style="position:relative;padding-top:56.25%;width:100%;margin:30px 0px"><amp-img style="border-radius:3px" class="cover i-amphtml-layout-fill i-amphtml-layout-size-defined" src="https://cdn.decrypt.co/resize/1024/height/512/wp-content/uploads/2025/07/Decrypt-Logo-Watermark-Placement-Pump.fun-Logo-scaled-gID_7.jpg" layout="fill" i-amphtml-layout="fill"></amp-img></div><div style="display:flex;align-items:center;justify-content:center"><amp-ad width="320" height="50" type="doubleclick" data-slot="/22724166089/decrypt_amp_articles_inline" json="{"targeting":{"pubg_did":["2k/utr-cnd"]}}" rtc-config="{"vendors": { "aps": {"PUB_ID": "600", "PUB_UUID": "1ce5cb1e-d0d8-4aca-84a6-5a0f9f8af593", "PARAMS":{"amp":"1"}} }}" class="i-amphtml-layout-fixed i-amphtml-layout-size-defined" style="width:320px;height:50px;" i-amphtml-layout="fixed"></amp-ad></div><div style="word-break:break-word"><p>The crypto market's risk-on sentiment has done little to save Pump.fun's native token PUMP, which continues its downward spiral following Pump’s massive <a href="/">ICO</a> just two weeks ago.</p>
<p>The crypto market is holding relatively steady, with Bitcoin near $117,000 and most coins still showing bullish momentum. Pump’s token, though, not so much. After debuting at a $4 billion fully diluted value following the meme coin launchpad’s $600 million token sale, PUMP has now dropped by 63%. The token is currently trading at $0.0024, well below its ICO price, with a $879 million market cap and $2.4 billion FDV.</p>
<p>The disconnect between Pump.fun's success as a business—deploying 12 million tokens and generating over $775 million in <a href="https://dune.com/queries/3759856/6323377" target="_blank" rel="nofollow external noopener" class="sc-adb616fe-0 bJsyml">revenue</a>—and its token's disappointing performance has left investors scratching their heads. And racing for the exits.</p>
<p></p><div></div><p></p>
<p>So what’s going on?</p>
<h2>Pump's broken promises</h2>
<p>During a <a href="https://x.com/0xsyste/status/1948114073628852357" target="_blank" rel="noopener nofollow external" class="sc-adb616fe-0 bJsyml">July 24 livestream</a>, Pump.fun co-founder Alon Cohen confirmed that the highly anticipated PUMP airdrop “would not happen in the immediate future,” triggering immediate selling pressure from disappointed investors.</p>
<p>For context, Pump.fun is a token launchpad on Solana that allows for anyone to create their own meme coin in seconds and at no cost. Prior to the launch of the PUMP token, which sold out in an ICO in 12 seconds, speculation was rampant among degens that Pump.fun would airdrop some percentage of the token’s total supply to users of the platform. The company, in fact, confirmed that an airdrop was “<a href="https://x.com/pumpdotfun/status/1942947267436056740" target="_blank" rel="nofollow external noopener" class="sc-adb616fe-0 bJsyml">coming soon</a>” when it <a href="https://decrypt.co/329281/pump-fun-token-sale-july-12-bybit" target="_blank" class="sc-adb616fe-0 bJsyml">announced the sale</a> of the token.</p>
<p>Now, Cohen has said it’s likely not, and that’s got users in a tiff. The vague responses and lack of concrete timelines has transformed a very hyped event from a very hyped platform into very panicked selling.</p>
<p>Making matters worse, a recent $5.5 billion <a href="https://decrypt.co/331528/solana-pump-fun-amended-rico-suit-alleging-meme-coin-gambling" target="_blank" class="sc-adb616fe-0 bJsyml">class-action lawsuit</a> filed in New York alleges Pump.fun operates an unlicensed casino scheme via meme coin trading, with Solana Labs and the Solana Foundation named as co-defendants.</p>
<p>The zero-vesting token model, which initially attracted buyers with promises of immediate liquidity, has backfired spectacularly. Nearly 60% of presale participants have sold or transferred their tokens, <a href="https://x.com/BitMEX/status/1945390615862370451" target="_blank" rel="nofollow external noopener" class="sc-adb616fe-0 bJsyml">according to BitMEX</a>, adding to the relentless sell pressure that has pushed PUMP 60% below its ICO price.</p>
<p>While Pump bleeds out, competitor <a href="https://decrypt.co/328822/bonk-meme-coin-launchpad-flips-pump-fun-for-solana-tokens-created" target="_blank" class="sc-adb616fe-0 bJsyml">LetsBonk</a> has been quietly stealing market share, which is also likely playing into this. Even though Pump.fun has growth numbers that rival the biggest players in crypto, its <a href="https://decrypt.co/331108/business-memes-inside-solana-meme-coin-pump-fun" target="_blank" class="sc-adb616fe-0 bJsyml">revenue has slowed down considerably</a> as LetsBonk captures more and more of the meme coin trading market.</p>
<p>On a side note, users on Myriad, a prediction market developed by <em>Decrypt</em>'s parent company Dastan, were once at least willing to entertain the notion that Pump.fun's PUMP token would surpass the Bonk meme coin in market cap. A week ago, they gave <a href="https://myriad.markets/markets/pump-vs-bonk-which-will-have-a-larger-market-cap-at-the-end-of-july" target="_blank" rel="noopener nofollow external" class="sc-adb616fe-0 bJsyml">PUMP an 18% chance</a>. Today, those odds are down to just 3.2%.</p>
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