Daily Goat can confirm that our earlier world exclusive linking Pump.Fun co-founder Alon Cohen to the PumpSwap token is the 'real deal'.
One of our trusted market insiders shared details of a DM with Alon on X that supports speculation PumpSwap, a token launched on Solana with a growing cult following, is tied to Solana Blockchain’s largest decentralized exchange by volume and by the same name.
The Daily Goat exclusive revealed the story last week, in which the same source provided us another screenshot of Alon confirming a prior DM he had sent to another source. The revelation of that Tweet sent PumpSwap soaring over 150% in value to around $4 million market cap.
In the latest DM, our source can be seen bantering with Alon about the markets, which Alon acknowledges are firming up after a three-month selloff.
The trader then turns the conversation to PumpSwap, a token on Solana, noting that it sold off last week back to where it sits now at around $1 million.
The insider, not named to keep his identity secret, suggests the selloff was created by whales looking to buy in cheaper by creating a temporary panic.
“Like this [is] the real deal any price is a good price lol,” our source tells Alon, to which Alon confirms the statement with a heart emoji response.
Here’s a copy of the screenshot obtained exclusively by Daily Goat:
Alon's DM with Daily Goat's source confirming that PumpSwap is the 'real deal'. (Newsflash/NX)
The response by Alon stands in contrast to contradictory positions crypto’s hottest new founder appears to have taken in the past, for example last week, where he said: “don’t expect coins from me or @pumpdotfun or any employees (no 'stealth launches' either)”. That, in turn, contradicted a statement Alon made on a Pump.Fun Spaces in October last year where he said there would be a token for the launchpad that would be airdropped to content creators, and that users should expect "stealth launches".
Many PumpSwap holders believe these statements and another that “as of yet” there is no official token tied to the Pump.Fun platform in an interview with Bankless earlier this year are legal disclaimers rather than statements of fact.
A Tweet by Alon last week that mentioned how grassroots culture is greater than top-down culture was also interpreted by many to be a nod to PumpSwap token holders that integration of the token with the namesake DEX was on the cards. after sufficient community-building efforts were realized, since PumpSwap has formed a thousands-strong grassroots community in recent weeks despite his seeming public denials that there is a masterplan in the works.
PumpSwap's dog meme. (Newsflash/NX)
Further adjustments to the token’s listing over the weekend on Solscan, a Solana blockchain information provider, to verified status, and the inclusion of the PumpSwap dog meme on Google search results served to fortify these assumptions for the token’s holders.
Amid the PumpSwap selloff last week, which saw the token nosedive from a high of $4 million market cap to just over $300,000 market cap, some traders bought the dip and have profited handsomely. Many have not realized their gains either, but instead saw the selloff as a way to accumulate more supply.
If PumpSwap is ever integrated as a core component of the exchange’s architecture, then it could be worth billions of dollars in market capitalization, dwarfing other memecoins launched on Pump.Fun.
On "DailyGoat.com Tonight", a weeknightly Spaces held on X, one trader described last week how he was disappointed when PumpSwap rebounded after the fall, since it meant the temporary discount was no longer available.
“I’ll be honest, I’m actually happy whoever did that [sold] because I bought it down there at $300k. Two times I bought it down there so I’m very happy they did that,” @JBWRECKS said.
“I was like ‘I’m still gonna ride with this thing, I don’t care.’ I was actually sad when it went back up to a million because I wasn’t able to get more.”
The guest also said that despite his belief that PumpSwap will be integrated into Pump.Fun’s new DEX, he is buying it for its own status as a unique collectible and for the community, which he perceived as being one of the strongest among new memecoins.
“If there’s utility then that’s just a cherry on top, then I’ll be happy with that too,” he said.
Alon Cohen was contacted for comment on this story, but had not responded at the time of publishing.