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PUMP price crashes as nearly 90% of investors sell tokens
PUMP, the highly anticipated memecoin from Pump.Fun, has seen a significant crash in its price, trading below its private sale price of $0.004 ($0.0227) despite an initial $600 million ICO that sold out in just 12 minutes.
This sudden downturn has raised concerns across the memecoin ecosystem, which was buoyed by the token’s early momentum but is now grappling with a widespread selloff.
Key takeaways
- ICO Amount: $600 million, sold out in 12 minutes
- Current Price: $0.0227 (private sale price - $0.004)
- Selloff: $160 million moved to exchanges by major holders
- Market Cap: Memecoin market remains at $83.3 billion
- Selloff Impact: Only 12% of $PUMP holders remain
A brutal reversal for PUMP
After an explosive start, the price of PUMP has sharply declined, with many early investors choosing to exit their positions. According to data from Spotonchain, a significant portion of the $PUMP supply has been moved to centralized exchanges, signaling a loss of confidence among its initial backers.
Only 12% of PUMP holders remain
The selloff has been led by major presale investors, including two wallets identified as “PUMP Top Fund 1” and “PUMP Top Fund 2”. These wallets have moved a combined $160 million worth of PUMP tokens to exchanges. Specifically, “PUMP Top Fund 1”, which purchased 25 billion tokens for $100 million in the private sale, has already transferred 17 billion tokens, worth approximately $90 million, to exchanges. Meanwhile, “PUMP Top Fund 2” appears to have fully liquidated its position, moving 12.5 billion tokens (worth $71 million) to exchanges and netting a 43% return.
PUMP public sale buyers. Source: Dune
Memecoin market dynamics
While the PUMP price has faced a steep decline, the broader memecoin market cap remained slightly positive, standing at $83.3 billion as of Wednesday morning. However, the massive selloff has cast doubt on the future potential of $PUMP, as well as the general sustainability of the current memecoin rally.
We wrote earlier that PUMP token slides after ICO holders offload tokens to CEXs.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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