The PUMP token—tied to meme coin launchpad Pump.fun—is trading 31.875% beneath its initial coin offering (ICO) price. It’s also tumbled 59.9% from its all-time high of $0.006812, hit on July 16, 2025. After grabbing headlines during its ICO by selling out in just twelve minutes at $0.004 per coin, the token is now making waves for entirely different reasons.

“Fartcoin is the most successful token from Pump,” one user wrote on X. “How [can its] MktCap be larger than Pump?” The chatter on X over the PUMP drop has split users straight down the middle. Some allege “private-sale whales” dumped roughly $160 million worth of PUMP onto centralized exchanges (CEXs), supposedly “accelerating the decline.”

“Sentiment is extremely bearish right now, maybe even overstretched,” the X account M posted earlier this week. “Everyone’s hating on it, and that’s usually where things start to get interesting. But I don’t think we’re there yet.”

Others, however, are spotting signs of a bottom and predicting a rebound, spinning the fear, uncertainty, and doubt into “free marketing” fuel for another breakout. “Bottom line is that PUMP isn’t a rug, it’s a cashflow machine facing a platform war and some bad headlines,” one X thread reads. A few users are taking a more measured approach, urging calm in the face of liquidity strain and fierce competition—warning sellers not to jump ship too soon.

Others were far less forgiving:

PUMP’s dump wasn’t just airdrop hype 40% insider supply, fully liquid, no lockups. Built to crash.

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