DOGE and Meme Coins Plummet on Airdrop Announcement

The price of Dogecoin (DOGE) dropped by approximately 7% after Pump.fun co-founder Alon Cohen confirmed that there would be no token airdrop in the 'immediate future'. This announcement led to a decline in the entire meme coin market, with a 10.7% drop over 24 hours.

Pump itself suffered the most significant losses, plummeting by 17.7% and falling out of the top 100 cryptocurrencies by market cap. Prediction markets now show only 3% odds of an airdrop by month-end, down from 86.6% highs earlier in the week.

The Solana token launchpad has lost market share to rival LetsBONK, which has dominated token creations for 16 out of the past 17 days.