PUMP token slides after ICO holders offload tokens to CEXs

According to BitMEX data, nearly 60% of wallets that participated in Pump.fun’s PUMP presale have either sold or transferred their tokens to centralized exchanges (CEXs) or other wallets.
Out of the 10,145 ICO wallets, 6,042 (59.6%) exited their positions, while only 3,791 (37.4%) continued to hold, reports Cointelegraph.
A minority of 312 wallets (3%) actually increased their holdings. This rapid shift in ownership highlights the typical memecoin volatility, where early investors often rush to lock in quick profits. Despite the massive turnover, the token’s initial listing price of $0.0056 was 40% higher than its presale rate, defying common market expectations for heavy immediate sell pressure.
Token dips after rally as volumes and momentum slow
Following its launch, PUMP soared to an all-time high of $0.006812 but later slipped by 19.1% to $0.005468, according to CoinGecko. Analysts from BitMEX noted that tokens with high unlock percentages and quick profits usually face short-term downward pressure, especially in the derivatives market. Interestingly, PUMP maintained positive funding rates, signaling that traders still expect price appreciation despite the pullback. However, analysts warn that the current valuation might be unsustainable if Pump.fun’s platform volume continues to decline. Monthly trading volume has dropped from $11.6 billion in January to $3.65 billion in June, suggesting reduced market activity and fading user engagement.
LetsBonk rises as new rival amid shifting market dynamics
Pump.fun’s early success with its $500 million presale (sold out in just 12 minutes) positioned it as the leading Solana-based memecoin launchpad, but new entrants like LetsBonk are rapidly gaining ground. LetsBonk recently overtook Pump.fun in weekly protocol revenue and 24-hour market share, hinting at a redistribution of dominance within the memecoin sector. This competition, combined with declining usage metrics, raises questions about Pump.fun’s long-term positioning. Although the token launch was one of 2025’s most successful, the high rate of sell-offs and emerging competition suggest that PUMP may face pressure in justifying its current multi-billion-dollar valuation unless user activity rebounds.
Recently we wrote that Pump.fun swiftly initiated buybacks to stabilize the price of its newly launched PUMP token, spending 118,350 SOL to repurchase 2.99 billion tokens.