A major player in the Mexican real estate market is adopting the Bitcoin Treasury Companies strategy. By converting his assets into BTC, he intends to “The airdrop will not take place in the near future”: PUMP collapses as the founder of Pump.fun disappoints
Alon Cohen, co-founder of Pump.fun, disappointed his community on Wednesday evening by announcing that the PUMP airdrop would not be happening anytime soon. Is this the end of the famous memecoin platform?
PUMP falls after Alon Cohen’s announcements about the airdrop
A dozen days ago, Pump.fun made Initial Coin Offering (ICO) history by selling $600 million worth of PUMP tokens in just 12 minutes. However, the whole thing may have been nothing more than a flash in the pan, given that the token is now trading below its initial sale price.
To make matters worse, Alon Cohen, the co-founder of Pump.fun, particularly disappointed his community on Wednesday evening during an interview with ThreadGuy. And with good reason, as a possible PUMP airdrop is not happening anytime soon.
After Alon Cohen beat around the bush for a long time, the axe fell:
Regarding the airdrop, as promised in the initial announcement of the TGE [token generation event, ed.], there will be one. This should come as no surprise to anyone. We will keep our word. Our goal is obviously to reward the community that has contributed to building a successful platform over the past year and a half. That said, we want to make sure it’s a meaningful and well-executed airdrop. […] That said, the airdrop will not take place in the near future, but we will communicate the schedule and details as soon as possible.
Unsurprisingly, PUMP quickly fell and is now trading down more than 20% from its price before the Twitch live stream:
While the price of PUMP now stands at $0.00316 at the time of writing, this represents a 54% drop from its all-time high (ATH) and a 21% decline from the pre-TGE sale price.
A platform losing momentum?
Earlier this month, we highlighted the strong performance of rival memecoin launchpad letsBONK.fun. At the time, we questioned whether this trend would continue, a question we revisited after Pump.fun’s ICO.
For now, it’s clear that the momentum hasn’t reversed, as letsBONK.fun dominates 48.9% of the market share over 30 days, compared to 39.1% for Pump.fun, according to data from aggregator Jupiter. Over a 7-day and 24-hour period, the figures are even more telling, at 72.2% versus 22.2% and 76.5% versus 17.2%.
After a record $7.07 million in a single day on January 23, Pump.fun’s daily revenue collapsed and failed to exceed $452,000 on Wednesday:
By comparison, letsBONK.fun recorded $1.98 million in revenue on Thursday. Over 30 days, Pump.fun remains slightly ahead, with $29.49 million compared to $27.53 million for its competitor.
After the disappointment of the airdrop, another point will soon be made.
protect against inflation and reinvent capital management. A first in a sector still largely dependent on credit and interest rates.
Grupo Murano bets $1 billion on Bitcoin: the end of traditional real estate?
Elías Sacal, CEO of Mexican real estate group Grupo Murano, recently unveiled his new Bitcoin-focused strategy in an interview with Bitcoin Magazine: to convert a large portion of the company’s assets into BTC, with the ambition of building a $10 billion cash reserve in Bitcoin within five years.
In a sector still largely dominated by debt and dependence on interest rates, this repositioning may come as a surprise. However, since Bitcoin was designed to disrupt the current monetary paradigm based on fiat currencies and central banks, adopting it may also become essential.
Owner of numerous hotels and residential complexes across Mexico, Grupo Murano says it wants to move away from the traditional real estate model, which it considers too exposed to inflation and interest rate volatility.
Instead, the company has announced that it will resort to refinancing and sale-leaseback transactions, a mechanism in which an asset is sold and then immediately leased back by the former owner. This approach allows Murano to free up funds while retaining the operational use of its assets.
It is precisely with these resources that the company, which already holds 21 BTC, plans to buy Bitcoin on a massive scale.
“Rather than letting buildings wait for low valuations, we believe that BTC will appreciate more.”
Rather than betting on the slow appreciation of its assets or the gradual collection of rent, Sacal is betting on a 300% increase in the price of Bitcoin over the next five years, or $472,000 per BTC, and plans to allocate up to 80% of the company’s capital to BTC.
Bitcoin and the demonetization of real estate: towards a paradigm shift?
Grupo Murano’s gamble doesn’t stop there: the company plans to install Bitcoin ATMs in its hotels, train its employees in the use of the currency, and accept payments in BTC, targeting primarily customers from the United States.
In addition, Elías Sacal defends a theory well known to Bitcoiners: that of the demonetization of the real estate market. This theory is based on the following observation: real estate is being used less and less to house households and is increasingly seen as a tool to protect against inflation, i.e., a store of value.
However, in a scenario where Bitcoin establishes itself as a global store of value in the long term, a growing share of investments could shift away from real estate and toward BTC, the best-performing asset of the past 10 years. As a result, this could put downward pressure on real estate prices, which would become less effective at preserving wealth over the long term.
Michael Saylor, CEO of Strategy, the company that holds the most Bitcoins in the world, takes a similar view. He claims that Bitcoin will not only compete with gold and its $23 trillion market cap, but could also demonetize fiat currencies ($120 trillion), global debt ($315 trillion), and the real estate market as a whole ($330 trillion).
