Original | Odaily Planet Daily (@OdailyChina_)
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At 1 AM this morning, the PUMP token, which "filled the public sale quota of 500 million dollars in 12 minutes," officially launched. After reaching a high of 0.0061 dollars at launch, it retraced to a low of around 0.005 dollars and has now risen again to 0.0059 dollars. Despite previous controversies regarding PUMP's valuation and transparency, based on the opening price performance, investors who participated in the public sale at 0.004 dollars are in profit regardless of when they sell.
It is worth mentioning that although Binance has not yet listed PUMP spot trading, Binance Alpha has now listed the PUMP token.
As long as you participated in the public sale, you made a profit
"Whether you are hedging or directly participating, as long as you joined the public sale, you made a profit."
Although there were ongoing controversies before the official launch of PUMP, users who participated in the public sale essentially achieved "mindless profits." Whether they hedged in advance or directly held the token to speculate on the market, as long as they entered at the public sale price, they almost all reaped considerable returns.
KOL 0xSun also shared the entire process of participating in the PUMP public sale: a total of 1.45 million dollars was invested in the public sale, and 1 million dollars was hedged at a price of 0.0054 dollars. If sold entirely at 0.0054 dollars, the net profit and loss would be about 500,000 dollars. If they wait for a higher price to cash out, the profit potential will further expand.
Wintermute and DWF Labs may be market makers for Pump.fun
Last night, the Pump.fun project transferred 13.75 billion PUMP tokens to Wintermute, valued at 55 million dollars based on the public sale price of 0.004 dollars, and is currently worth nearly 80 million dollars.
Wintermute received 13.75 billion PUMP tokens
Additionally, DWF Labs also received 2.5 billion PUMP tokens from the Pump.fun project within the following 2 minutes, valued at 10 million dollars based on the public sale price of 0.004 dollars, and is currently worth nearly 14.5 million dollars.
DWF Labs received 2.5 billion PUMP tokens
Furthermore, there has been much discussion regarding the subscription issues at the public sale exchanges, but on-chain data shows that at least before the launch, "the quota was indeed allocated." According to on-chain analyst Ai Yi @ai_9684xtpa's monitoring, the Pump.fun project has cumulatively transferred 20.15 billion tokens to various exchanges, specifically:
Gate: 6.41 billion tokens (likely including 2.5 billion from Launchpad);
Bybit: 5 billion tokens;
Suspected Kraken: 7.5 billion tokens;
Address 2XQbX…iNrPm: 1.25 billion tokens.
The last two addresses have not yet been confirmed, but they are likely also exchange addresses.
When will the airdrop happen?
It can be said that those who participated in the public sale at 0.004 dollars have tasted the sweetness, but so far, the Pump.fun official has not issued any clear announcement regarding the airdrop of PUMP tokens to the community, which has left many early participants feeling uncertain.
According to the previously announced PUMP token economic model, the total supply is 1 trillion tokens, of which as much as 24% of the total supply will be reserved for community and ecosystem plans. As a common practice, many projects will take a portion from this quota before and after the token launch and directly airdrop it to early users who participated in interactions as an incentive.
PUMP token economic model
However, although the PUMP token has officially launched for trading, the official has still not made any clear statements regarding the airdrop. Whether the airdrop will take place, whether the snapshot time has been set, or the specific distribution standards and target range are currently in a state of "only hearing its name, not seeing its form." The project's continued silence has left some early users feeling confused and even anxious.
From the current feedback on social media, the Chinese community has been relatively restrained in their criticism regarding the lack of airdrop announcements, with more discussions focused on the profits gained from participating in the public sale; whereas in the English community, the doubts, complaints, and disappointment regarding the airdrop are more concentrated and emotional. Many users have begun to question whether the Pump.fun project is intentionally keeping airdrop information vague to control the flow of funds and market expectations, avoiding triggering short-term market volatility or selling pressure. Some even suggest that Pump.fun intends to deliberately "dove" the token airdrop.
Meme expressing dissatisfaction in the English community regarding Pump.fun's lack of airdrop announcement
There are also opinions suggesting that the project may intentionally delay the announcement of the airdrop to avoid excessive short-term selling pressure. According to KOL Tu Shen's shared chat records with Pump.fun co-founder Alon, it shows: "The airdrop mechanism has been designed and will be announced soon." This indicates that the airdrop is still in the planning stage; it’s just that the timing is not right, and perhaps the project intends to delay the announcement to maintain market rhythm and expectation management.
Chat records related to Pump.fun co-founder Alon
Overall, whether PUMP will airdrop as scheduled, the coverage of airdrop recipients, and the transparency of the distribution mechanism will directly impact community sentiment and trust in the early stages of the project launch. For many early supporters, what they are most looking forward to now is a clear response from the project team as soon as possible.
According to Coinglass data, the current total open contracts for PUMP across the network have risen to 790 million dollars, with a 24-hour increase of 35%, and a 24-hour contract trading volume of 2.307 billion dollars, an increase of 155%. Currently, the funding rate for Binance contracts is positive, and bulls are still aggressively going long. So, whether to follow the trend and go long or choose to observe, waiting for the heat to subside or the airdrop FUD sentiment to spread before taking action, depends on individual risk preferences and trading styles.
Further Reading
PUMP public sale sold out in 12 minutes, two scenarios after the launch, which one do you believe?
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