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Pump.fun Token Crashes Below ICO Price After $600M Hype Bust
The cryptocurrency space has witnessed a drastic crash in the value of PUMP, a token issued by Pump.fun. The token, which raised an unprecedented $448.5 million from over 10,000 participants during its public sale, has plummeted by 21% within a span of just 24 hours.
The steep drop-off comes as nearly 60% of early investors have offloaded their tokens, while only 3% have chosen to increase their holdings. Furthermore, the token’s failed buyback worth $2.3 million has only intensified bearish momentum.
Market data reveals that Pump.fun’s on-chain revenue and launch volumes are witnessing a decline. This stark contrast from its initial fervor has led many experts to label the project as all hype with no real utility.
The token, which was previously trading at a high of $0.0065, has now tumbled below its Initial Coin Offering (ICO) price of approximately $0.0041, signaling a dire predicament for investors.
Market sentiment is currently bearish, and analysts are warning that the token could potentially slide further in the short term due to post-ICO hype cycles.
Source: coinpedia.org
