🐳 Daily Edition: PUMP Trades 25% Under ICO Price After Record-Breaking Raise

While the S&P500 raced to new all-time highs today, the crypto market experienced a bit of a pullback particularly in the altcoin sector with Solana dropping 10% after once again breaching $200 yesterday. By no means do I think a minor dip in the market like this is the end of the world after the monster price action we’ve seen, but it is something to take note of given this is the first real correction in a month. The coins might be taking a pause, but the treasury companies responsible for a big piece of the recent bid certainly haven’t — in fact, even after announcing the shutdown of his liquid fund due to a -80% drawdown YTD, Joe McCann appears to have “earmarked a $1B raise for a Solana treasury company”. If he can still muster a billion dollars to buy our favorite coins, you have to believe many others can.

Today also marked co-founder of Pump.Fun Alon Cohen’s first interview since their $600M raise a few weeks ago, which turned out to be the second largest raise in crypto of all time. The PUMP token now trades at a $3B FDV, already 25% under the ICO price which saw massive demand. During the 30 minute interview alone, PUMP lost $300M in market cap signaling how unhappy the market was with his remarks. To me, it seems the anger today is mostly centered around the lack (so far) of an airdrop, which Alon noted on stream today would not be coming in the immediate future. The bigger pressure on PUMP’s performance is of course the rise of Bonk’s memecoin launchpad which in recent times has eclipsed the volume of pump.fun, however for a coin to trade significantly under the price at which it raised hundreds of millions only a matter of weeks ago means retail is capitulating heavily as a reaction to new information. It’ll be interesting to watch how this coin trades over the next several days, as while users are unhappy the airdrop won’t be hitting their wallets any time soon, that also means a significant amount of anticipated selling pressure from airdrop claimers won’t be hitting any time soon.

Hats off to Tony for the most-believed misinformation tweet in months, he’s done it again

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Ethereum rally driven by structural demand surge, says Bitwise

Alt Coins and Stocks

• Now Litecoin? Pharmaceuticals firm closes deal to fund $100M LTC treasury

• XRP now larger than PepsiCO, Uber, Blackrock — and is closing in on McDonald’s

Regulatory

• Another ICO boom? What the Senate’s market structure bill means for crypto startups

• Burwick Law names Solana and Jito executives in expanded RICO case against Pump

Random

• Prince of Darkness’ death sparks wave of rug-pulls on Solana

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