Pump.fun’s native token PUMP has experienced a sharp price decline, losing 25% of its value within 24 hours as legal challenges and delays in its highly anticipated airdrop sent shockwaves through the cryptocurrency market [1]. The token’s price dropped to $0.0028, exacerbating a broader 42.4% weekly loss and a 45% decline from its July peak of $0.0068 [6]. The turmoil follows a class-action lawsuit filed by Burwick Law, which accuses Pump.fun of operating an unregistered securities exchange and a “slot machine”-style platform that exploits retail investors under the RICO Act [3]. The lawsuit, expanded in July 2025 to include Solana Labs, the Solana Foundation, Jito Labs, and the Jito Foundation, alleges fraudulent practices, false advertising, and unregistered securities, with estimated damages ranging between $4–5.5 billion [5].
Founder Alon Cohen’s announcement that the airdrop would not occur in the near future…
