It’s been 100 days since memecoin platform Pump Fun teased an airdrop with the promise that it would be “coming soon.” It appears, however, that there have been no developments since.
The airdrop was announced alongside the initial coin offering of the platform’s token, which is now down 39% since its launch.
Some memecoin traders on X are getting desperate as they wait for further airdrop news.
Indeed, when a large number lost money trading tokens via Binance’s Meme Rush program earlier this month, some begged Pump Fun CEO, Alon Cohen, to “save them from this bullshit” and give them an airdrop.
Read more: Burwick Law wants Jito Labs dropped from Pump Fun lawsuit
Other users suggested they’ll “rest in peace” if an airdrop isn’t made by October 19, while one joked that Pump Fun meant soon “in dog years.”
“How has every platform + ecosystem given out some kind of airdrop at this point but @pumpdotfun said “airdrop soon” half a year ago and no one talks about it,” another user said.
Everything Pump Fun has done besides an airdrop
One day after announcing the ICO and airdrop, Pump Fun acquired the wallet tracker Kolscan.
Then, in late July, Cohen, moved to temper expectations, saying that the drop wouldn’t be happening in the “immediate future.”
Fast forward to this month and the platform announced that it spent $54,273,082 on buying back its own tokens between September and October. Altogether, it’s spent over $140 million on buybacks.
It’s also been busy upgrading its site and app, integrating crypto tracker Bubblemaps, increasing the options users have to deposit funds, and introducing new “advanced” tools.
Crypto streamer Gainzy also took up some of the platform’s time when he “accidentally” cratered his own token.
Read more: PUMP lost $700M in market cap as Alon Cohen shut down airdrop rumor
Pump Fun has also been dealing with legal challenges from Burwick Law and victims claiming they’ve lost funds at the hands of its alleged illegal gambling enterprise.
And all this has been happening alongside Pump Fun’s battle to maintain its share of the memecoin pie. In the four weeks after the airdrop was teased, rival platform Bonk Fun overtook Pump Fun’s daily launchpad volume and number of deployed tokens.
Bonk Fun’s figures, however, have since plummeted. Earlier this month, Binance was able to attract a significant share of memecoin users with its “Meme Rush” program.
However, its initial popularity was short-lived and most of its tokens nuked in price within days.
Unlike these other platforms, Pump Fun has an army of influencers trying to whip up the platform’s popularity — and in turn the price of any memecoin holdings they may have — by doing outlandish stunts.
A number of these influencers were arrested for covering the Hollywood sign with Pump Fun’s logo. This stunt was picked up by Fox News, who called their efforts a “marriage between content and securities fraud.”
Despite all this, there have been no more posts on X from Pump Fun or Cohen about any airdrop.
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