Co-founder of the Pump.fun platform, Allon Cohen, announced that the airdrop will not occur in the near future. In response, the price of PUMP fell by 18.7%.
Allon talks about potentially acquiring more companies/products like KOLscan,
Potentially hinting to acquiring Launch on Pump pic.twitter.com/eLRVxIJ8Sc
— ً (@0xsyste) July 23, 2025
At the time of writing, the market value of the “funny coin” stands at $0.003, according to CoinGecko. Over the week, the PUMP rate has decreased by 42.4%.
Challenges for the “Meme Token Factory”
The law firm Burwick Law filed a class action lawsuit against Pump.fun. Defendants also include Solana Labs, Solana Foundation, Jito Labs, and Jito Foundation. The plaintiffs accuse them of organizing an illegal gambling business.
Pump.fun was likened to a “slot machine” for the mass issuance and promotion of tokens. The platform was accused of operating without disclosure and investor protection.
The plaintiffs claim that Pump.fun allowed anonymous token launches and trading without identity verification. In their view, the “meme token factory” created an environment with inherently unfair conditions. This was achieved through pricing based on bonding curves and preferential trading for insiders and bots.
The accusations are based on the Organized Crime and Corruption Act. The defendants are accused of fraud, false advertising, offering unregistered securities, and deceptive practices. User damages are estimated at $4–5.5 billion based on on-chain data.
Lawyers emphasized that Solana and Jito were not neutral infrastructure providers. Jito is accused of facilitating front-running using MEV tools, while Solana Labs and Foundation are accused of monetizing user activity through block space fees.
Competitor’s Progress
Meanwhile, Pump.fun’s competitor, the meme-coin launchpad LetsBonk, announced a support program for tokens within its ecosystem.
gotta BONK them all ❗️❗️❗️
starting today, 1% of BONKfun’s TOTAL revenue will be reassigned from our marketing fund into buying back the top pairs within the BONK eco pic.twitter.com/LaUbh89LzL
— letsBONK.fun (@bonk_fun) July 23, 2025
The team will allocate 1% of its revenue to repurchase coins in the most successful trading pairs on the platform. Funds for this will be reallocated from the project’s marketing fund.
According to Dune, LetsBonk earned approximately $1.4 million in fees over the past 24 hours.
According to LetsBonk founder Tom, buybacks will occur weekly.
Win and help win.
We’ll be assigning 1% of bonk.funs revenue from our marketing fund to buying back top ecosystem pairs.
This will happen once a week and any pair that reaches the high levels can be included.
More to come. https://t.co/sLnVfnjIOI
— Tom (@SolportTom) July 23, 2025
Any pair that reaches “high levels” can be included in the program.
The total capitalization of tokens launched on LetsBonk has already exceeded $1 billion. The largest asset in the ecosystem is Useless Coin, followed by ANI.
Back on July 12, the PUMP presale concluded in 12 minutes, raising 500 million. However, a few days later, it became known that nearly 60% of ICO participants sold or transferred assets to centralized exchanges and other wallets.
On July 22, the PUMP rate fell below the ICO price. From peak values around $0.0068, the token dropped by 45%.