The price of PUMP coin continues to fall, and the project faces multiple challenges.

The PUMP project has recently suffered a heavy blow, with the delay of the airdrop becoming the last straw that broke investors' confidence. On July 24, the originally scheduled airdrop plan failed to be fulfilled as expected, and the project co-founder Alon stated during a live broadcast that the airdrop would be postponed. Although he emphasized that this was a long-term strategy to better serve the community and stimulate ecological activity, the market's reaction was exceptionally cold.

Since its launch, the price of PUMP has been on a continuous decline, falling 26.5% from the private placement price. Although the project team announced a buyback plan to stabilize the coin price, the actual effect has been minimal. Data shows that the platform has cumulatively repurchased approximately 20.17 million dollars worth of PUMP, with 75% of the buyback occurring on the first day, while the recent average daily buyback amount is only 100,000 to 200,000 dollars, which is insufficient to offset market selling pressure.

What is even more worrying is that a large number of investors are withdrawing. Data shows that among 10,145 presale buyers, only 11.8% still hold their tokens, 32% have sold on decentralized exchanges, and 53% have transferred their tokens to new wallets or centralized exchanges. This means that nearly 90% of investors have lost confidence in PUMP.

At the same time, some major players are also starting to cut losses and exit. For example, a major investor who previously invested 100 million USDC has transferred 17 billion PUMP to the exchange, worth approximately 89.5 million USD. Another address holding 12.5 billion PUMP has also transferred all of its tokens to the exchange. These actions have further intensified market panic.

In terms of market share, PUMP is being quickly surpassed by competitors. As of July 24, PUMP's daily trading volume only accounts for 18.9%, while competitors' revenue has reached 4.6 times that of PUMP.

In addition to poor market performance, PUMP is also facing legal risks. In January, a group of investors initiated a class action lawsuit against the project, accusing it of violating U.S. securities laws. Recently, the scope of the lawsuit has expanded to include several executives from the Solana ecosystem.

These challenges are testing the PUMP team's ability to respond. As a project led by three individuals in their twenties, PUMP has previously generated significant profits, but is now facing unprecedented pressure. Amid intensified competition, user churn, and legal risks, whether PUMP can bounce back and regain market confidence remains an unknown.