$201.32K
showed that a majority of those who bought PUMP during its presale have already sold or transferred their tokens.
Out of 10,145 wallets that participated in the initial sale, 6,042, or about 60%, either sold their tokens or transferred them to centralized exchanges. Meanwhile, 3,791 wallets have kept their tokens, and another 312 have increased their holdings since launch.
After going live, the PUMP token rose to a peak price of $0.006812 on July 16 but dropped by 19% to $0.005468 on July 17.
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Despite the decline, the token’s debut price of $0.0056 was still about 40% higher than its presale price, which analysts described as better than expected given the high number of tokens unlocked at launch.
BitMEX noted that similar situations often lead traders to bet against the PUMP token, which puts downward pressure on it. The exchange said:
Typically, such conditions as PUMP, large floats and quick profits, lead to aggressive hedging and strong downward pressure in derivatives markets.
Even so, BitMEX warned that the long-term value of the PUMP token depends on whether Pump.fun can maintain its trading activity. The platform’s trading volumes have dropped from $11.6 billion in January to $3.65 billion in June.
Recently, Gate briefly listed a $600 million Pump.fun token sale but quickly removed it. What happened? Read the full story.
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