Pump Fun's token is crashing like a Pump Fun token
PUMP, the token for the Pump Fun memecoin platform, has crashed approximately 60% to $0.0036, less than the initial coin offering (ICO) price of $0.004 and more than 50% down from the peak of $0.009, according to data from CoinMarketCap. This token had its ICO launched on July 12 and had its trading launch on July 15. This fall has occurred while Pump Fun is still deciding what “utility mechanisms” this token might eventually have. Chart from CoinMarketCap . Read more: Pump Fun ICO raises $600M as PUMP traders dodge sale restrictions Additionally, Pump Fun usage has failed to recapture early highs, with “Adam_Tehc” highlighting on X that daily token launches for the platform have fallen below 10,000 per day. At points in the past, Pump Fun saw over 60,000 tokens launched per day . Part of the short-lived attention of memecoin traders has been drawn to other platforms like Bonk Fun, perhaps in hope of future airdrops or token incentive...