PUMP Token Drops Over 60% in 24 Hours as Binance Hype Fizzles Out
PumpBTC (PUMP) skyrocketed on exchange support but nosedived 60% in 24 hours. Was this the worst TGE ever? Here’s what happened.
PumpBTC (PUMP) launched with high expectations, reaching a peak price of $0.118. However, within just 24 hours, PUMP’s price has plummeted by more than 60%.
This sharp decline has raised concerns about the project’s sustainability and whether this is one of the most failed Token Generation Events (TGE).
What caused the initial surge in price?
According to BeInCrypto data, PUMP peaked at $0.12. Strong support from major exchanges and promotional events was one key factor behind this surge.

Specifically, major exchanges such as Bitget and Gate.io announced support for PUMP trading. Bitget introduced USDT-based perpetual contracts for PUMP with leverage ranging from 1x to 20x. Meanwhile, Gate.io also officially announced PUMP’s listing. This support increased liquidity and attracted significant investor interest.
Binance Wallet opened a TGE for PUMP, which lasted only 10 minutes but saw an oversubscription of 247 times the initial goal. Later, Binance Alpha’s announcement of PUMP’s launch further fueled the price surge.
Before this TGE took place, a post on X from the account, ApeinTom speculated that PUMP would be the next IDO token on Binance. This speculation was based on multi-signature wallet activity and transactions involving previous tokens such as KILO, PARTI, and BR. Such speculation heightened investor expectations, pushing PUMP’s price higher.
Why did PUMP’s price crash?
Despite its impressive start, PUMP’s price dropped significantly from its peak of $0.118 to $0.042. Several factors likely contributed to this steep decline.
First, profit-taking by early investors. The initial price surge was largely driven by hype surrounding Binance and major exchange events. However, after reaching a peak, many investors likely took profits, causing a strong sell-off.
Second, liquidation of high-leverage positions. Bitget’s perpetual contracts may have exacerbated the decline. When prices started to drop, highly leveraged positions were liquidated, triggering a domino effect that drove prices even lower.
Third, excessive hype without fundamental value. The 247x oversubscription in Binance Wallet’s TGE suggests massive interest, but this could have been fueled more by speculation than real project value. As a governance token for PumpBTC, PUMP may not have demonstrated sufficient utility or long-term potential to sustain its price beyond the initial phase.
Fourth, Binance’s declining influence on price performance. BeInCrypto reported that in 2024, most tokens listed on Binance experienced steep declines after listing. This suggests that merely being associated with Binance no longer guarantees long-term price growth.
A 60% drop in 24 hours is among the steepest declines for a recent TGE. While some tokens launched via Binance Alpha have fallen 30-40% in their first week, a 60% plunge in just one day is significant. This raises questions about the sustainability of new token projects and whether they are overly reliant on hype, leverage, and external influences rather than solid intrinsic value.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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