Pump.fun Token Crashes Below ICO Price After $600M Hype Bust

The post Pump.fun Token Crashes Below ICO Price After $600M Hype Bust appeared first on Coinpedia Fintech News

The Pump.fun token launched with a bang, raising over $600 million in minutes and jumping 20% following a $30 million buyback. But the hype didn’t last long.

Now, the token is trading 20% below its ICO price, with nearly 60% of early buyers already selling. This sharp decline comes despite listings on major exchanges like OKX, BitMEX, Kraken, and KuCoin.

Traders are losing confidence as the Pump.fun token still lacks utility, rewards, or an airdrop, leading many to call it all hype with no real value.

PUMP is now trading at approximately $0.00406, down 21% in just 24 hours, and officially below its initial ICO price. The steep drop comes even after the token raised a staggering $448.5 million from over 10,000 participants during its public sale. Despite boasting more than $1.1 billion in 24-hour trading volume, the market remains bearish as bulls failed to defend key support zones.

It's been almost 1 week since the @pumpdotfun ICO