$PUMP Token Slides Below Presale Price After Whale Sell-Offs

The newly arrived $PUMP token has reached its all-time lowest price after only a couple of weeks of existence. After major whale sell-offs this week, the token dipped below its initial coin offering value, putting most coin holders at a loss

Pump.fun, as the name suggests, is the official cryptocurrency of the “Pump.Fun” platform. The outlet became notorious for launching several new memecoins over the past year, and the news of an official PUMP native token was quickly seen as one of the hottest new crypto launches this year

So much so that the token’s public sale sold out in just 12 minutes on July 12, gathering over half a billion dollars in funding for the launch

$PUMP functions as the governance token for the Pump.Fun launchpad, where token owners may receive fee discounts, token creators can earn $PUMP rewards, and active traders, minters, and community contributors may be rewarded with $PUMP for their engagement.

According to CoinMarketCap, $PUMP launched at a price of $0.0071 per token on July 12. Only a day later, the crypto would go up to gain 40% at $0.0090, but it would later be affected by major sell-offs

Since its highest recorded price on July 12, $PUMP has seen a sharp reversal. By July 14, the token dipped below its ICO price of $0.007 — and things would not go well from there

Data from SpotOnChain revealed that the token has recently dipped below even its private sale price of $0.004, marking an all-time low accounting even for its presale phase

While 12.7% of presale buyers still hold their $PUMP, over 31% have already sold on decentralized exchanges, and only 2.7% have chosen to accumulate more. Meanwhile, some of the project’s largest investors have already sold or moved tokens to a CEX

SpotOnChain reveals two whales who together moved $160 million to centralized exchanges, at a profit of $40 million combined. Meanwhile, another group of large holders appears to be underwater

Wallets labeled “8UHpWB” and “9Ucygi” each spent $80 million for 20 billion $PUMP during the presale, but are now down approximately $6.19 million apiece — a 7.7% loss. Another whale, “2WHL4X,” who invested $40 million for 10 billion tokens, is also facing a similar drawdown of $3.1 million.

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