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No Airdrop, Heavy Selling – PUMP Might Face 27% More Downside Risk
Pump.fun’s [PUMP] token has been hit with a perfect storm of negative news and market conditions, which may have led to heavy selling pressure in the last few days. In fact, this has resulted in a massive 56% drop since its all-time high on July 15th.
As reported by AMBCrypto, the lack of an upcoming airdrop announcement has also sent investor confidence plummeting, with large holders already starting to sell their tokens. The news from Pump.fun’s co-founder Alon Cohen stating that there will be no immediate airdrop further exacerbated this sentiment.
This combination of events has led to the potential for PUMP to face a significant amount of downside risk, potentially exceeding 27% in the coming days.
Source: ambcrypto.com
