Pump Fun’s PUMP token tumbled on 23 July after founder Alon said during a livestream that the long-anticipated airdrop "isn’t happening anytime soon" and would exclude friends-and-family groups. Traders who had bet on a near-term distribution rushed to exit positions once the comments circulated. Within roughly 30 minutes the token’s fully diluted valuation slid by more than $500 million, taking the price back to its presale level, according to market-making desks that track the listing. Prediction market Myriad now assigns just a 25 percent probability that an airdrop will arrive before the end of July. Large holders are split on how to respond. Crypto personality Machi Big Brother is sitting on an unrealized loss of about $5.8 million but has continued to build his long position, while other traders warn the token could remain volatile as expectations reset.