PUMP token drops 22% immediately after ICO... Solana meme coin market share also shaken
Suehyeon Lee
Summary
- The PUMP token plummeted 22% in just one day after its ICO, prompting caution among investors.
- PUMP raised $600 million in 12 minutes, but is now lingering around $0.004, which is near its initial listing price.
- The decline in PUMP is said to be linked to the decrease in Pump.fun's Solana meme coin market share.
The new token PUMP from the Solana (SOL)-based meme coin creation platform Pump.fun has turned bearish right after its initial coin offering (ICO).
According to The Block on the 18th (local time), PUMP is currently trading at around $0.004, falling 22% in a single day, returning to its listing price level.
Previously, through its ICO last week, PUMP raised $600 million in just 12 minutes. 15% of the total PUMP supply was sold in the public sale, while the remaining 18% was sold in a private sale.
The decline of PUMP also aligns with Pump.fun's decrease in Solana meme coin market share. According to data from The Block, LetsBONK has surpassed Pump.fun's Solana-based meme coin issuance since two weeks ago.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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