The Price of PUMP Is at Its Lowest Since the ICO. Will It Recover? - Ep. 875
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I think the issue was is mostly not necessarily a a lack of vision on their part because, you know, they they've shown that they have high aspirations. It's more a lack of of conveying it. Right? And and if you think about what you do as a buying opportunity, I think that is something you'd be right.
Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. Here's your chance to be featured on Unchained. Every episode, we share listener comments. Here's what Knowledge had to say on YouTube in response to our recent episode with Udi Wertheimer on his Bitcoin thesis. The capital that is flowing into Bitcoin now is so much stickier compared to previous cycles. It's not just a trade for MSTR and other treasury companies. It's price agnostic accumulation, a race to buy the most Bitcoins before others get their hands to it. To hear your comment o
for having us. Yeah. Thanks for having us. Fun.
So the pump ICO has been in the news and pump just generally. Obviously, in the very beginning, we saw, like, negative sentiment leading up to their ICO. However, they did end up raising $600,000,000, and it sold out in, twelve minutes, including private investment that brought the total to 1,320,000,000.00. After the token listed, the price pumped for a bit, but it's now down, and sentiment on pump also seems down. The founder, Alon Cohen, went on the thread guy livestream yesterday, and at the start, the price was around the ICO price of 4 tenths of a cent. Afterward, it dropped to 3 tenths
think it was a very contentious token to begin with. Right? There were a lot of people who believed it was very attractive in terms of what it did as a business. I think that that's a separate point we can argue, but, you know, going into the the ICO, that's one piece of information. The fact that they were raising an insane amount of money while also having, a a massive balance sheet. So so altogether, I think they raised 1.3 between this private sale that they did four to eight weeks before the the ICO and then and and the ICO. And so altogether, it was about 1.3, and then they were rumored
Jason, I see you nodding your head. Yeah.
No. I mean, like, I have, like, a list of, like, five or six things that, like, I I wrote down for myself, like, over the last couple days, like, why this was such a an underwhelming launch from just, like, a, you know, a price perspective. Right? Like, nothing has really changed with the business. So, like, Yann pretty much nailed all of them. Like, I'm looking at the list I have in my notes here. Right? Number one on my list is, like, contentious business. Right? Like, for weeks and weeks and weeks, you always have those debates on Twitter around, like, the extract extractiveness of the busi
I I feel like at the start, when it when it first announced they were now raising up 4,000,000,000, the consensus was like, oh my god. 4,000,000,000 is way too expensive. No way. And then they sort of waited a couple weeks, and then everyone wrapped their heads around, like, a 4,000,000,000 vow. And then they're like, oh, wow. 4,000,000,000 is actually kinda cheap. And now, like, the same the opposite is happening where it's like, it's live, and now everyone's like, oh my god. Like, this is a piece whatever. And it's, like, not trading well. I will say, like, one thing to add to what Yon and J
grappled with that was like, alright. Well, it sold out in twelve minutes. Surely, there's more demand to to buy this token. Right? Surely. Absolutely. Right? But, yeah, I guess if you have funds that are, you k
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