- PUMP crashes 24% following exchange glitches and community backlash.
- Missing airdrop and token dump fears shake investor confidence deeply.
- $1.5B trading volume fails to lift token’s sinking price.
The PUMP token has plunged over 24 percent within 24 hours of its public launch, with the trading price falling from $0.0074 to $0.005599. This steep decline follows a wave of technical problems on multiple exchanges and rising backlash from the crypto community.
Kraken’s co-CEO confirmed that several users were unable to complete their presale purchases due to internal system issues. The platform responded to this by offering to reimburse some of the affected users by buying tokens at the secondary market and using airdrops.
Bybit also fell into the backlash, initially saying that API delays on Pump.fun caused the disruption, later revoking the claim. The mix-up was later rectified by the exchange giving out 20 spot credits to users whose orders failed, an aspect that contributed to the confusion surrounding the launch.
Early supporters were frustrated because earlier airdrops did not take place as they had anticipated. The project team’s lack of clarity in communication has also increased the negativity of sentiment in online communities.
There is also a fear that there can be a large dump by big presale wallets. Traders are worried that the price might plunge lower thanks to the underlying sell pressure, which is not at an end with the total presale amounting to up to a staggering, reportedly, $4 billion.
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Price Struggles as Sell Pressure Mounts and Support Weakens
On the technical chart, PUMP continues to trend downward, with brief recovery attempts meeting heavy resistance. Key rejection zones are forming at $0.0060 to $0.0062, with $0.0074 now acting as a ceiling.
There has been temporary support at about $0.0050 through $0.0052, but the price has rebounded twice before settling at $0.0055. This rate leaves one with little relief because the market is mostly in a bearish mode.
Although the price has decreased, the trading volume has increased by 23,000 percent to $1.5 billion dollars in the past 24 hours. This indicates firm speculator interest, but not stable investor confidence, as it indexes both rapid inflows and outflows.
This was compounded by having 13.75 billion PUMP tokens sent to Wintermute, which led to a drop in price by 22 percent in a very short time. This trade triggered panic of institutional selling, which only complicated the downward trend.
PUMP has a current supply of 354 billion tokens and a market cap of $1.98 billion. However, enthusiasm about the initiative remains tempered by start-up disorder and ongoing volatility.
Conclusion
PUMP’s price collapse, combined with exchange failures and unmet community expectations, has raised serious concerns about the project’s rollout. Until stability returns, caution is likely to dominate trading behavior.
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