The PUMP token has seen a significant drop in price within the first 24 hours after its launch due to several technical problems on exchanges and negative community reactions.
PUMP Token's Fall and Exchange Issues
The PUMP token plummeted over 24%, dropping from $0.0074 to $0.005599. This steep decline occurred in the wake of technical problems on multiple cryptocurrency exchanges and growing backlash from the crypto community.
Technical Problems and User Response
Kraken’s co-CEO confirmed that several users faced issues completing their presale purchases due to internal system errors. In response, the company offered to reimburse some affected users by buying tokens on the secondary market and issuing airdrops.
Support Issues and Price Pressure
Despite a trading volume surge to $1.5 billion, the token price continues to decline due to concerns over potential large sell-offs by major holders. Temporary support around $0.0050 has been reached, but the market remains predominantly bearish.
The situation surrounding the PUMP token illustrates how technical failures and community dissatisfaction can significantly impact the cryptocurrency market. In the current instability, caution is likely to be the primary approach for traders.
