Early PUMP holders gamble on rebound amid steep losses of over 40%
PUMP, the native token of memecoin launch platform Pump.fun, faces mounting selling pressure following its rapid price drop.
According to blockchain analytics firm SpotOnChain, 31.6% of the 10,145 successful presale participants have offloaded their PUMP tokens on decentralized exchanges.
Adding to the trend, 53% of presale buyers have moved their tokens to new wallets, including centralized exchanges, which is a likely sign of more sell-offs ahead.
Spotonchain pointed out that some traders involved in these asset movements have registered significant profits.
According to the firm, the top presale buyer, who spent $100 million to purchase 25 billion PUMP tokens, has already deposited 17.1 billion tokens, worth $89.5 million, into centralized exchanges via FalconX.
Despite the sell-off, the wallet still holds 7.99 billion tokens valued at $29.5 million, giving the investor an unrealized profit of $19 million.
The second-largest buyer, tagged “PUMP Top Fund 2,” purchased 12.5 billion tokens for $50 million and has since moved the entire stash to centralized exchanges. That transaction netted $71.4 million, translating to a 43% gain, or $21.4 million in profit.
Some PUMP whales are still holding despite losses
While most large holders appear to be taking profits, a smaller segment is holding firm.
SpotOnChain noted that around 13% of presale buyers still retain their holdings, and only 2.7% have increased their positions.
The blockchain analytical firm cited two wallets, identified as “8UHpWB” and “9Ucygi,” which each invested $80 million for 20 billion tokens and are now down approximately 7.7%, equating to a $6.19 million unrealized loss per wallet.
Another whale, labeled “2WHL4X,” bought 10 billion tokens for $40 million and has also suffered a 7.7% decline, with losses totaling $3.1 million.
Moreover, the well-known crypto trader Machi Big Brother is also underwater, facing a potential $4.06 million loss on a 5x leveraged long position worth 3.55 billion tokens.
PUMP falls by over 40%
The sharp sell-off has driven PUMP’s price down by more than 40% in its first trading week, falling from $0.006 to $0.003, according to CoinMarketCap.
Pump.fun’s fee accounts have repurchased 3.34 billion tokens for $19.81 million in response to the downturn. Buybacks typically aim to reduce supply and support prices, but the effort has yet to reverse the slide.
Still, there’s a glimmer of optimism. Coinalyze reports that 75% of traders are now taking bullish positions, betting on a price rebound despite the ongoing turbulence.
The post Early PUMP holders gamble on rebound amid steep losses of over 40% appeared first on CryptoSlate.
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Early PUMP holders gamble on rebound amid steep losses of over 40%
PUMP, the native token of memecoin launch platform Pump.fun, faces mounting selling pressure following its rapid price drop.
According to blockchain analytics firm SpotOnChain, 31.6% of the 10,145 successful presale participants have offloaded their PUMP tokens on decentralized exchanges.
Adding to the trend, 53% of presale buyers have moved their tokens to new wallets, including centralized exchanges, which is a likely sign of more sell-offs ahead.
Spotonchain pointed out that some traders involved in these asset movements have registered significant profits.
According to the firm, the top presale buyer, who spent $100 million to purchase 25 billion PUMP tokens, has already deposited 17.1 billion tokens, worth $89.5 million, into centralized exchanges via FalconX.
Despite the sell-off, the wallet still holds 7.99 billion tokens valued at $29.5 million, giving the investor an unrealized profit of $19 million.
The second-largest buyer, tagged “PUMP Top Fund 2,” purchased 12.5 billion tokens for $50 million and has since moved the entire stash to centralized exchanges. That transaction netted $71.4 million, translating to a 43% gain, or $21.4 million in profit.
Some PUMP whales are still holding despite losses
While most large holders appear to be taking profits, a smaller segment is holding firm.
SpotOnChain noted that around 13% of presale buyers still retain their holdings, and only 2.7% have increased their positions.
The blockchain analytical firm cited two wallets, identified as “8UHpWB” and “9Ucygi,” which each invested $80 million for 20 billion tokens and are now down approximately 7.7%, equating to a $6.19 million unrealized loss per wallet.
Another whale, labeled “2WHL4X,” bought 10 billion tokens for $40 million and has also suffered a 7.7% decline, with losses totaling $3.1 million.
Moreover, the well-known crypto trader Machi Big Brother is also underwater, facing a potential $4.06 million loss on a 5x leveraged long position worth 3.55 billion tokens.
PUMP falls by over 40%
The sharp sell-off has driven PUMP’s price down by more than 40% in its first trading week, falling from $0.006 to $0.003, according to CoinMarketCap.
Pump.fun’s fee accounts have repurchased 3.34 billion tokens for $19.81 million in response to the downturn. Buybacks typically aim to reduce supply and support prices, but the effort has yet to reverse the slide.
Still, there’s a glimmer of optimism. Coinalyze reports that 75% of traders are now taking bullish positions, betting on a price rebound despite the ongoing turbulence.
The post Early PUMP holders gamble on rebound amid steep losses of over 40% appeared first on CryptoSlate.
Read More