PUMP Token Drops 21% Below ICO Price After Failed Buybacks
PUMP token crashed 21% in 24 hours to $0.00406, slipping below its ICO price despite listings on OKX and BitMEX. The token’s initial 20% rally following a $30 million buyback proved short-lived, and a subsequent $2.3 million repurchase failed to stem the sell-off. On-chain data shows 59.6% of early investors have exited their positions, while only 3% boosted holdings. Trading volume hit $1.1 billion, but open interest on perpetual contracts tumbled 16% to $629 million. Competition from rival launchpads like LetsBONK.fun and a lack of token utility have further dampened sentiment. Analysts warn that without renewed investor confidence or a fresh catalyst, PUMP token may test new lows. Traders should manage risk amid high volatility.
Bearish
The 21% plunge below its ICO price, coupled with failed buyback attempts and a significant investor exodus, indicates sustained downward momentum for PUMP token. In the short term, the heavy sell-off, falling open interest and lack of positive catalysts are likely to prolong the decline. Over the longer term, unless Pump.fun introduces meaningful utility, rewards or airdrops to restore confidence, market sentiment will remain bearish, keeping pressure on the token’s price.