Bitcoin News Today: PUMP Token Plunges 45% After Airdrop Delay Sparks Panic Selling by Whales

The PUMP token, tied to the Pump.fun memecoin launch platform, has plunged more than 45% over the past week, trading at $0.003658 as of July 18 and falling below its initial presale price by 32% [4]. The collapse followed cofounder Alon Cohen’s announcement in a livestream that the long-anticipated airdrop—once a key incentive for holders—would not occur “in the near future” [4]. The delay, coupled with a lack of clarity on timelines, sparked immediate panic selling, with two major wallets offloading 1.25 billion tokens and accepting a $1.19 million loss [1]. The selloff intensified as large investors, or “whales,” moved $160 million worth of PUMP to centralized exchanges in a single transaction, exacerbating downward pressure on the token [1].

PUMP’s price has now fallen over 50% from its post-sale peak of $0.0067, hovering near $0.003 [1]. This follows Pump.fun’s explosive 2024 launch on Solana, which generated nearly $1 billion in volume but failed to deliver on utility and rewards promised to the community. Disillusioned holders have drawn parallels to other crypto projects that abandoned airdrop plans after initial hype, further eroding trust [1]. Analysts noted that the selloff was amplified by broader market conditions, including Bitcoin’s 0.71% drop below $118,000 in 24 hours and a $1.7 billion outflow from DeFi protocols [5]. While PUMP’s struggles were not directly tied to Bitcoin’s decline, the overlapping market dynamics underscored the sector’s fragility [5].

The founder’s prioritization of platform growth over airdrop distribution has drawn criticism for contradicting earlier promises. Social media speculation has since focused on potential “pump-and-dump” scenarios, with traders warning of further volatility post-airdrop [7]. Meanwhile, rival projects capitalized on the chaos, with one competitor securing $4.3 million in the same period as PUMP’s collapse [3]. Binance analyst Crypto Ahmet highlighted risks of additional selling pressure if early investors continue liquidating holdings after the eventual airdrop [7].

The crisis raises questions about the sustainability of projects relying on speculative incentives. Without concrete milestones or governance updates, Pump.fun faces mounting skepticism about its ability to retain value. Whether the team can pivot to long-term utility—rather than short-term hype—will determine if this downturn is a temporary setback or a deeper structural failure [1]. For now, PUMP’s recovery hinges on resolving the airdrop timeline and rebuilding investor confidence in its roadmap.

Source:

[1] [Pump.fun's PUMP token drops below presale price, whales dump 160M to exchanges](https://coinjournal.net/news/pump-funs-pump-token-drops-below-presale-price-whales-dump-160m-to-exchanges/)

[3] [PUMP Coin Crashes Post-ICO as Rival Rakes in $4.3M+](https://www.btcc.com/en-AU/square/Icobench/678629)

[4] [Pump.fun Holders Sell at a Loss as Airdrop Delays Confirmed](https://coinjournal.net/news/pump-holders-sell-at-a-loss-as-pump-fun-founder-confirms-airdrop-wont-happen-soon/)

[5] [Bitcoin Falls Below $118,000 with 0.71% 24-Hour Drop](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-falls-118-000-0-71-24-hour-drop-market-uncertainty-2507/)

[7] [Crypto Ahmet's Profile](https://www.binance.com/square/profile/crypto_ahmet)