[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  davey [@daveydefi](/creator/twitter/daveydefi) on x 147.8K followers Created: 2025-07-24 09:40:26 UTC He lost $XXX million on a single bet – and instead of cutting losses, he doubled down. WELCOME TO THE WILD SAGA OF $PUMP! It all started with explosive hype. – a Solana-based meme-coin launchpad – set out to raise a staggering $X billion in its ICO. Major exchanges (Kraken, KuCoin, Bybit, etc.) backed the launch, eyeing a fully diluted valuation around $X billion. Investors FOMO’d in hard. The project’s pseudonymous co-founder, known as “Alon,” was not shy about ambitions. he bragged on X that “invented a completely new way to launch tokens, …became one of the most successful startups ever” and is “aiming to kill legacy social media platforms.” subtle, right? In its first days, $PUMP delivered fireworks. Priced at $XXXXX in the token sale, it surged to ~$0.0068 on launch – a XX% jump. The ICO was a frenzy: raised an eye-popping $XXX million in just XX minutes. Early buyers were euphoric; for a moment, the meme-coin moonshot felt real. But behind the scenes, trouble was brewing. had already been slapped with lawsuits even before launch. In fact, the team delayed the token sale (originally set for June 25) to mid-July amid “a flurry of lawsuits”. Even their official X (Twitter) accounts got mysteriously suspended for days in June, sparking rumors that regulators were circling. A major driver of the hype: the airdrop. The team had hinted that early users would get free tokens – “airdrop coming soon” was the promise. Speculators piled in, hoping to grab $PUMP and a bonus on top. That airdrop anticipation was the worst-kept secret fueling $PUMP’s red-hot launch momentum. Then came the gut punch. This week, founder Alon Cohen went on influencer ThreadGuy’s stream and essentially said: Yes, an airdrop will happen… but “not in the immediate future,”. He insisted they want it “meaningful” and well-executed, focusing on long-term growth over short-term hype. In other words: no free coins anytime soon. The community reaction? Chaos. $PUMP’s price plunged instantly. It had already slipped below its $XXXXX ICO price; now it went into freefall – down ~40% this week and roughly XX% off its peak. By today it’s hovering around $0.003, an ugly turn of fate for those who aped in at the top. Big players reacted in very different ways. Infamous whale Machi Big Brother (Jeff Huang) wasn’t deterred – he kept adding to his $PUMP longs even as his position bled to a ~$5.8 million unrealized loss. On the flip side, two early investors dumped XXXX billion PUMP around $0.003, swallowing about a $XXX million loss just to get out. Now the plot thickens further: the lawyers are circling. This week, two law firms widened a lawsuit to hit and its enablers with RICO charges – basically accusing them of running a criminal racket. They even roped in Solana’s co-founders (Anatoly Yakovenko & Raj Gokal) and engineers at Jito Labs, alleging these partners helped enable scheme. The allegations are jaw-dropping. The lawsuit paints as an “illegal casino” dressed up as a meme-coin platform. It claims that from token design to fees, the platform knowingly facilitated gambling and money laundering – even alleging North Korea’s hackers laundered $1.5B of stolen crypto through a coin. According to the filing, raked in $XXX million in ill-gotten revenue via its bond-curve token system. In just a few weeks, story has morphed from triumph to turmoil. A month ago it was the hottest new thing with grand visions; now it’s facing community fury, a tanking token, and a potential courtroom showdown that could set regulatory precedents. The big question: can $PUMP recover, or is this meme coin meteoric rise turning into a flameout? Despite it all, Alon and team still preach “long-term development” and insist the eventual airdrop will reward the faithful. Maybe they believe can outgrow its meme status and legal woes. But this saga is a stark reminder that in crypto, sky-high hype can come crashing down to earth. The story isn’t over yet – but many early believers are already left holding the bag.  XXXXXX engagements  **Related Topics** [$4billion](/topic/$4billion) [bybit](/topic/bybit) [kucoin](/topic/kucoin) [exchanges](/topic/exchanges) [$1billion](/topic/$1billion) [launchpad](/topic/launchpad) [memecoin](/topic/memecoin) [$pump](/topic/$pump) [Post Link](https://x.com/daveydefi/status/1948317339922874657)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
davey @daveydefi on x 147.8K followers
Created: 2025-07-24 09:40:26 UTC
He lost $XXX million on a single bet – and instead of cutting losses, he doubled down.
WELCOME TO THE WILD SAGA OF $PUMP!
It all started with explosive hype. – a Solana-based meme-coin launchpad – set out to raise a staggering $X billion in its ICO. Major exchanges (Kraken, KuCoin, Bybit, etc.) backed the launch, eyeing a fully diluted valuation around $X billion. Investors FOMO’d in hard.
The project’s pseudonymous co-founder, known as “Alon,” was not shy about ambitions. he bragged on X that “invented a completely new way to launch tokens, …became one of the most successful startups ever” and is “aiming to kill legacy social media platforms.” subtle, right?
In its first days, $PUMP delivered fireworks. Priced at $XXXXX in the token sale, it surged to ~$0.0068 on launch – a XX% jump. The ICO was a frenzy: raised an eye-popping $XXX million in just XX minutes. Early buyers were euphoric; for a moment, the meme-coin moonshot felt real.
But behind the scenes, trouble was brewing. had already been slapped with lawsuits even before launch. In fact, the team delayed the token sale (originally set for June 25) to mid-July amid “a flurry of lawsuits”. Even their official X (Twitter) accounts got mysteriously suspended for days in June, sparking rumors that regulators were circling.
A major driver of the hype: the airdrop. The team had hinted that early users would get free tokens – “airdrop coming soon” was the promise. Speculators piled in, hoping to grab $PUMP and a bonus on top. That airdrop anticipation was the worst-kept secret fueling $PUMP’s red-hot launch momentum.
Then came the gut punch. This week, founder Alon Cohen went on influencer ThreadGuy’s stream and essentially said: Yes, an airdrop will happen… but “not in the immediate future,”. He insisted they want it “meaningful” and well-executed, focusing on long-term growth over short-term hype. In other words: no free coins anytime soon.
The community reaction? Chaos. $PUMP’s price plunged instantly. It had already slipped below its $XXXXX ICO price; now it went into freefall – down ~40% this week and roughly XX% off its peak. By today it’s hovering around $0.003, an ugly turn of fate for those who aped in at the top.
Big players reacted in very different ways. Infamous whale Machi Big Brother (Jeff Huang) wasn’t deterred – he kept adding to his $PUMP longs even as his position bled to a ~$5.8 million unrealized loss. On the flip side, two early investors dumped XXXX billion PUMP around $0.003, swallowing about a $XXX million loss just to get out.
Now the plot thickens further: the lawyers are circling. This week, two law firms widened a lawsuit to hit and its enablers with RICO charges – basically accusing them of running a criminal racket. They even roped in Solana’s co-founders (Anatoly Yakovenko & Raj Gokal) and engineers at Jito Labs, alleging these partners helped enable scheme.
The allegations are jaw-dropping. The lawsuit paints as an “illegal casino” dressed up as a meme-coin platform. It claims that from token design to fees, the platform knowingly facilitated gambling and money laundering – even alleging North Korea’s hackers laundered $1.5B of stolen crypto through a coin. According to the filing, raked in $XXX million in ill-gotten revenue via its bond-curve token system.
In just a few weeks, story has morphed from triumph to turmoil. A month ago it was the hottest new thing with grand visions; now it’s facing community fury, a tanking token, and a potential courtroom showdown that could set regulatory precedents.
The big question: can $PUMP recover, or is this meme coin meteoric rise turning into a flameout?
Despite it all, Alon and team still preach “long-term development” and insist the eventual airdrop will reward the faithful. Maybe they believe can outgrow its meme status and legal woes.
But this saga is a stark reminder that in crypto, sky-high hype can come crashing down to earth. The story isn’t over yet – but many early believers are already left holding the bag.
XXXXXX engagements
Related Topics $4billion bybit kucoin exchanges $1billion launchpad memecoin $pump