- Pump.fun token has dropped 43% from ATH and risks deeper fall to $0.0024.
- Airdrop delays are likely the key causes of the price drop.
- Whales have moved their holding to centralised exchanges, causing sell-off fears.
Pump.fun’s PUMP token has plunged below its highly publicised presale price, sparking concerns of a broader sell-off and sending ripples across the memecoin market.
The steep drop comes just days after the project raised hundreds of millions in minutes, only to face heavy sell pressure and waning community confidence.
The token initially surged after its debut but has since lost momentum.
The early excitement has given way to anxiety, as large investors begin offloading their holdings en masse.
Whales offload $160 million worth of PUMP tokens
Two major wallets identified as early private sale participants have collectively moved over $160 million in PUMP tokens to centralised exchanges.
This large-scale movement, flagged by blockchain analytics firm Lookonchain, has intensified fears of an extended price correction.
The first wallet, labelled “PUMP Top Fund 1,” purchased 25 billion tokens for $100 million in USDC during the private sale.
Over the past week, it has sent 17 billion tokens worth nearly $90 million to exchanges, although it still holds a position worth roughly $29.5 million.
The second whale, tagged as “PUMP Top Fund 2,” acquired 12.5 billion tokens for $50 million and has now completely exited, transferring the full amount — then valued at over $71 million — to exchange wallets.
Pump.fun token has slipped below ICO price
After an initial post-ICO rally that saw the token rise by 72%, PUMP is now trading well below its launch price.
At the time of writing, the token was hovering near $0.003789, marking a 9.2% drop from its ICO price of $0.004 and a staggering 81.45% fall from its all-time high of $0.006888.
Technical indicators suggest the asset may fall even further, with $0.003639 acting as the next key support level, which aligns with previous accumulation zones.
Failure to hold above this support could trigger an even deeper selloff.
Notably, the token’s recent inability to reclaim the $0.004 resistance zone has confirmed a bearish setup.
The steep drop has been accompanied by declining buyback volumes from Pump.fun, with on-chain data showing just $125,000 in buybacks on Sunday, down from nearly $19 million on launch day.
Broader memecoin market has cooled off
While PUMP’s troubles are significant on their own, they also reflect a broader shift in sentiment across the memecoin sector.
On July 21, the total memecoin market cap peaked at $87 billion, up from $55 billion just weeks prior.
However, that was followed by a sharp pullback to $81 billion today.
Despite a partial recovery to around $82 billion, the volatility may signal capital rotation or a potential cooling of the recent memecoin frenzy.
The post Pump.fun’s PUMP token drops below presale price, whales dump $160M to exchanges appeared first on CoinJournal.
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