- PUMP struggles as token drops over 24%, testing fragile support near $0.0050
- Explosive $1.5B volume hints at hype-driven trading despite sharp price decline
- Launch issues and unmet airdrop promises erode community trust and confidence
The newly launched PUMP token from the memecoin platform Pump.fun is facing steep selling pressure, with its price plunging over 24% in the past 24 hours. Trading at $0.005599, PUMP declined steadily from its intraday high of $0.0074, following a chaotic launch weekend plagued by technical glitches on major exchanges and growing frustration from the crypto community.
While market interest remains strong, significant volatility and community dissatisfaction are clouding the project’s early momentum.
A Messy Launch: Exchange Glitches and a Missing Airdrop
Adding fuel to the fire, the PUMP launch was plagued by several issues. Kraken’s co-CEO acknowledged that some users couldn’t complete their presale orders due to system glitches.
Kraken pledged to airdrop tokens to affected users, purchasing them at a secondary market premium. Bybit also faced criticism, initially blaming Pump.fun’s API for delays before backtracking and offering a $20 spot credit.
Moreover, early expectations of an airdrop were unmet, leaving many community members frustrated. Worries about large presale wallets dumping their holdings continue to haunt the market. With the presale reportedly valued at $4 billion, heavy sell-offs seem inevitable.
Price Action and Technical Snapshot
PUMP’s price trend over the 1-day chart highlights a consistent downtrend, marked by sharp dips and brief, weak rebounds. The token opened the day near $0.0074, which now serves as a key resistance level.
Another notable resistance lies between $0.0060 and $0.0062, where the price made several failed recovery attempts. These zones show strong overhead selling pressure as traders appear eager to exit their positions.
Related: A Look at the 6 Exchanges That Will List the PUMP Token for Trading
On the downside, support seems to have formed around $0.0050 to $0.0052. The token bounced off this range twice, suggesting a temporary floor.
However, if this level breaks, PUMP could see a deeper retracement. The current level around $0.0055 is acting as a fragile psychological support but doesn’t offer much confidence given the bearish momentum.
Explosive Volume, But Caution Warranted
Despite the price fall, trading volume soared to an astounding $1.5 billion in the last 24 hours, a 23,000%+ increase. This spike signals high speculative interest, but also highlights the risk of rapid price swings.
Related: Pump.fun Sends 13.75 Billion PUMP Tokens to Wintermute, Price Craters 22%
With a market cap now sitting at $1.98 billion and a circulating supply of 354 billion tokens, the token is drawing massive attention. Still, such interest doesn’t always translate into stability, especially when fundamentals are shaky.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
