Pump.fun Token Dips Below ICO Price as Private Sale Whales Offload Over $160M
Private sale investors of the Pump.fun (PUMP) memecoin began selling billions of tokens, causing the token's value to drop below its initial sale price. Two major wallets, “PUMP Top Fund 1” and “PUMP Top Fund 2,” transferred over $160 million in PUMP tokens to exchanges. Top Fund 1 sold 17 billion tokens worth nearly $90 million but retains tokens valued at $29.5 million. Top Fund 2 offloaded its entire 12.5 billion tokens for over $71 million. The PUMP token fell to an all-time low of $0.003642, a 46.5% decrease from its peak of $0.006812. Nearly 60% of presale participants sold or transferred their tokens shortly after the ICO, which raised almost $500 million in 12 minutes. The broader memecoin market capitalization peaked at $87 billion on July 21 but dropped to $82 billion shortly after.
