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PUMP, the native token of Solana (SOL)-based meme coin launchpad Pump.fun, has suffered a sharp reversal following its high-profile debut. At press time, PUMP was trading at $0.00570, down 15% over the past 24 hours, making it the largest loser among the 100 largest cryptocurrencies by market capitalization. The token initially surged to a peak of $0.00968 but has since dropped 41%. PUMP one-day price chart. Source: CoinMarketCap Launched on July 12 through a public token sale, the PUMP ICO raised $500 million in just 12 minutes, selling 150 billion tokens at $0.004 each. While a broader market pullback, driven by Bitcoin (BTC) losing the $120,000 support level, has added to the sell-off, several PUMP-specific factors have accelerated the decline. For instance, on-chain data reveals that roughly 340 wallets controlled more than 60% of the presale allocation. Many of these wallets began selling their tokens as they unlocked on July 14, increasing selling pressur...

Zimbabwe had recently launched a new currency named ZIG which was backed by gold. The gold-backed ZIG local currency was launched in April this year to reduce the circulation of the US dollar in Zimbabwe. The government took a risk and floated the currency across all sectors for transactions in the country. Also Read: Russia’s Push: Precious Metals to Lead De-Dollarization Effort ZIG gained significant support a month after its launch, with over 40% of all payments settled in the new currency. While Zimbabweans settled 40% of all costs in ZIG, the government paid 80% of all transactions in the gold-backed currency. The government and its people worked hand-in-hand to make the new local currency successful, threatening the US dollar. Nonetheless, things have not gone as planned. ZIG lost nearly half its value in Q4 of 2024. The local currency struggles to keep up with the US dollar in central cities and remote towns. ZIG, touted as a solution to tame the financial crisis, has created it...