The $PUMP token remained under pressure over the past 24 hours, extending its recent decline as fresh allegations against Pump.fun surfaced on social media.
The company simultaneously stepped-up efforts to strengthen its legal team.
At the time of writing, $PUMP traded at $0.001261, down 9.1% over the past 24 hours, as per data from crypto trading apps.
During the session, the token moved between $0.001232 and $0.001410, with the day’s low marking a new all-time low before the token recovered slightly.
The token is now down 15.3% over the past seven days and has fallen 28.7% in the last month, highlighting the persistent selling pressure that has weighed on the asset.
Despite the price decline, trading activity remained elevated, with $PUMP recording more than $61.2 million in 24-hour trading volume, reflecting continued market participation as traders reacted to both company developments and broader sentiment across the crypto market.
The latest developments also come after new CoinGecko research highlighted the high attrition rate of tokens launched on Pump.fun.
The study found that 68.67% of the 18.67 million tokens created on the platform stopped trading on their launch day, while only 4.55% remained active for more than 90 days, underscoring the challenges many newly launched memecoins face.
Insider token dumping allegations
Additional pressure emerged after X user Mai (@Insidevoicer) published a series of posts alleging misconduct within Pump.fun.
According to the posts, three confidential witnesses have allegedly provided internal information related to the company.
Mai claims that one witness was an early core member of the Pump.fun team that supplied internal Telegram conversations, while another allegedly handed over a “KOL contract” alongside what the author described as evidence of insider token sales.
The posts further claimed that Pump.fun’s legal response did not directly deny the allegations but instead relied on legal arguments concerning the treatment of confidential witness testimony.
These allegations have not been independently verified, and Pump.fun has not publicly confirmed the claims made in the X posts.
In a separate post published earlier this week, Mai also alleged that Pump.fun had entered into an undisclosed profit-sharing arrangement with DexScreener.
The claim was based on the author’s interpretation of product integrations rather than publicly disclosed documentation, and no evidence confirming such an agreement has been presented.
Pump.fun looking for a high-end CLO amid regulatory scrutiny
While those allegations circulated online, Pump.fun’s parent company, Baton Corporation, moved ahead with plans to recruit a Chief Legal Officer (CLO).
The company is offering a base salary ranging from $1 million to $5 million, placing the position among the highest-paid legal executive roles in the digital asset industry.
We're hiring a Chief Legal Officer for Baton Corporation, the development company behind Pump fun.
We've built one of the fastest growing crypto platforms in history, with ambitions to create a global consumer brand that tokenizes the world's highest potential, early-stage…
— alon (@a1lon9) June 24, 2026
The successful candidate will oversee legal strategy across multiple jurisdictions, including matters involving the US Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), FinCEN, OFAC, the UK Financial Conduct Authority (FCA), and the European Union’s Markets in Crypto-Assets (MiCA) framework.
The role also includes responsibility for anti-money laundering and know-your-customer compliance, corporate governance, commercial legal matters, regulatory investigations, and litigation.
Baton Corporation said Pump.fun currently processes more than $300 million in daily trading volume and generated over $500 million in profit during the past year while operating with fewer than 100 employees.
The legal hiring comes as the platform continues to face class-action lawsuits and increasing regulatory attention.
$PUMP token technical outlook remains under pressure
$PUMP‘s recent price action reflects continued weakness following a break below a key support area.
$PUMP token remains roughly 85.7% below its all-time high of $0.008819, reached in September 2025, while trading only slightly above its newly established all-time low of $0.001232.
Market analysis accompanying the latest decline pointed to rising trading activity as selling accelerated, suggesting bearish momentum remains intact in the near term.
At the same time, the current conditions are almost oversold, leaving open the possibility of a short-term rebound should broader crypto market sentiment improve.
