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Title: Pump.Fun (PUMP) Coin Price: From $600M ICO Success to All-Time Low in Weeks. What’s Next?
Pump.Fun, a prominent meme coin, has seen its PUMP token price drop a staggering 55% since its July launch. The cryptocurrency’s all-time low of $0.0024 marks a significant decline from the initial price of $0.0054. This dramatic downturn has left many questioning the token’s prospects.
Initially, Pump.Fun’s ICO success raised nearly $600 million in under 12 minutes. However, various issues have since emerged to hinder the project’s momentum. The platform has been plagued by communication problems, with neither Alon Cohen nor the official Pump.fun account providing updates on the token’s roadmap or future development plans.
The community is abuzz with discontent over delayed airdrops, which have been indefinitely postponed. This lack of transparency has contributed significantly to the token’s inability to recover above $0.003.
Market Performance and Trading Activity
Pump.Fun continues to experience high trading volume despite its plummeting price. The platform processes approximately $250 million in 24-hour spot volume while its market capitalization has dropped to $850 million. Liquidation data from CoinGlass reveals a bearish sentiment among traders, with $2.34 million in liquidations over the past day. This is comprised of $2.08 million in long liquidations and only $236,000 in short liquidations.
Pump.Fun’s market share has fallen below 40% as competitor platforms gain ground. In this competitive landscape, it remains uncertain whether the token will continue to drop further or find support. Some traders anticipate a potential bounce off of the current level, while others believe that the token could plummet another 80% from its all-time low.
Recovery Efforts and Future Outlook
In an effort to stabilize the PUMP price, Pump.Fun has implemented a massive buyback initiative. The platform now dedicates 100% of daily revenue towards purchasing PUMP tokens from the market. A brief rally occurred on July 26 when this news circulated, with the token increasing from $0.0025 to $0.00294 before failing to sustain its momentum.
The platform maintains a reported treasury of $2 billion, which could be utilized for marketing efforts, additional buybacks, and other recovery initiatives. The future prospects of Pump.Fun’s PUMP token remain uncertain amid this tumultuous period.
Source: coincentral.com
