DOGE, PEPE, PUMP Bleed As Pump.fun Confirms No Airdrop ‘In Immediate Future’

Crypto’s most speculative assets are bleeding as meme coin factory Pump.fun confirmed that its airdrop won’t be coming anytime soon.

Major meme coins Dogecoin, Shiba Inu, and Pepe are all down approximately 7% on the day. In fact, the entire meme coin market is down 10.7% over the past 24 hours, per CoinGecko.

It comes after Alon Cohen, co-founder of Pump.fun, told influencer Threadguy that the PUMP airdrop will “not be taking place in the immediate future.” The interview caused the token to plummet 17.7% on the day, knocking it out of the top 100 cryptocurrencies by  market capitalization, according to CoinGecko.

“We want to make sure that it is a meaningful airdrop and that it is executed well. At the same time, it is an incredible opportunity for the platform to strengthen its current ecosystem and, I guess, increase its trading volumes, activity, and sustain that,” Cohen said. “That being said, the airdrop is not going to be taking place in the immediate future.”

With these comments, predictors on Myriad Markets now put the chances of an airdrop by the end of the month at just 3%—down from highs of 86.6% on Monday, following a cryptic social media post by Cohen.

(Disclosure: Myriad is a prediction market developed by Decrypt’s parent company DASTAN.)

Pump.fun’s rocky month

Pump.fun’s initial coin offering raised $600 million in just 12 minutes, earlier this month, with its token launching a couple of days later. PUMP climbed to a $2.4 billion market cap over its first 24 hours, but it has since dropped by 55% since its launch.

Its decline has come as the token launchpad has lost market share to rival platform LetsBonk—led by the BONK meme coin community—which has dominated Solana token creations for 16 of the last 17 days. By comparison, BONK is the only top 10 meme coin not in the red, jumping by 3.2% on the day according to CoinGecko.

Other major losers include Pump.fun-created tokens like GOAT, down 15.5%, Moo Deng, down 13.2%, and Peanut the Squirrel, down 12.8%. Fwog has also slipped almost 14% despite announcing that Pump.fun is an official “patron.”

In fact, only 12 of the top 100 meme coins by market cap are in the green. One of the biggest winners is REKT, which is up 21.7% over the past 24 hours. Billed as a brand coin with its ties to a drink company, REKT’s upward move follows the announcement of a collaboration with Binance.US, revealing an exclusive “liquid gold” flavor.

Myriad Market users now believe there is a 71% chance that Binance or Coinbase will like the token for perp or spot trading before September, a notable increase from just 40% on Saturday.