After an over $600 million ICO that sold out in just 12 minutes, Pump.Fun’s $PUMP token is now trading below its presale price. This brutal reversal has shaken confidence across the memecoin ecosystem. The hype was massive, but the selloff is even bigger. The much-hyped $PUMP has crashed below its private sale price of $0.004. While the token initially saw strong momentum following its launch, the sentiment appears to have faded fast as early backers rush to cash out. However, the cumulative meme coin market cap remained marginally green on Wednesday morning, standing at $83.3 billion. Only 12% still hold the PUMP token According to the data shared by Spotonchain, two wallets tagged as major presale investors , “PUMP Top Fund 1” and “PUMP Top Fund 2,” have now moved a combined $160 million worth of $PUMP to centralized exchanges. This massive unloading of tokens can be seen as a signal that even the earliest and most well-capitalized holders are losing faith in the token’s potential. “PUMP Top Fund 1” bought 25 billion tokens for $100 million in USDC during the private sale and has already transferred 17 billion (approximately worth $90 million) to exchanges. This was done primarily via the trading desk FalconX. The wallet still holds $29.5 million worth of tokens. Meanwhile, “PUMP Top Fund 2” appears to have fully exited its position. It moved all 12.5 billion tokens (then worth $71 million) to exchanges, netting a 43% return. Source: Dune The broader presale cohort doesn’t seem much more optimistic. Out of 10,145 presale buyers, only 12.7% still hold their original tokens. Nearly a third have already sold via decentralized exchanges, while 53% have moved their tokens to new wallets. Many holders are believed to be linked to centralized exchange deposits. Less than 3% have shown enough conviction to increase their holdings. PUMP hits ATL amid slow buybacks High-profile holders haven’t been spared either. Major whale wallets “8UHpWB” and “9Ucygi” had spent $80 million for 20 billion PUMP tokens each in the presale. These whales are now down by $6.19 million; that’s a 7.7% loss. Another whale, “2WHL4X,” spent $40 million for 10 billion PUMP is now down by $3.1 million. Known crypto trader Machi Big Brother is reportedly sitting on a $4 million unrealized loss. This comes from a 5x leveraged long position on 3.55 billion PUMP tokens. Meanwhile, Pump.Fun’s fee wallets have attempted to support the token. Over the past week, it went on to buy back roughly 3.34 billion PUMP (approximately worth $19.8 million) using Solana. However, the pace of these buybacks has slowed, and with the platform still holding 1.25 million SOL (over $253 million), questions remain about whether they’ll step in further to stabilize the price. Source: Spotonchain The effects of the sell-off can be seen in market data. PUMP price dropped by 44% over the past 7 days and went on to hit an all-time low of $0.003621. Its 24-hour trading volume is down by 23% to stand at $558 million. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites
