Virtually 60% of presale contributors in Pump.enjoyable’s preliminary coin providing (ICO) have already offered or transferred their tokens to centralized exchanges (CEXs) or different wallets, in line with knowledge shared by BitMEX.
Citing onchain knowledge, the crypto trade mentioned that of the ten,145 ICO contributors within the PUMP presale, 6,042 wallets (59.6%) had already offered or transferred their tokens to CEXs.
In the meantime, 3,791 wallets (37.4%) continued to carry their tokens, whereas a small group of 312 wallets (3%) had elevated their holdings every week after the token launch.
PUMP token has dropped almost 20% from its peak
After the presale, the PUMP token rallied, reaching an all-time excessive of $0.006812 on Wednesday, in line with CoinGecko. The token dropped to $0.005468 the subsequent day, a 19.1% decline in worth.
Regardless of the latest drop, BitMEX analysts mentioned the PUMP token had already defied expectations. Though it had a excessive unlock proportion at launch, it nonetheless debuted at $0.0056, 40% greater than its presale worth.
“Sometimes, such circumstances as $PUMP — giant floats and fast income—result in aggressive hedging and powerful downward stress in derivatives markets,” BitMEX wrote. This results in heavy adverse funding charges as merchants rush to quick the token.
Nevertheless, BitMEX mentioned the token’s funding charges have been trending constructive. This implies the market exhibits confidence that the token should still improve in worth.
Regardless of this, BitMEX identified that whereas the memecoin launchpad’s present efficiency could justify PUMP’s token valuation, it could be tough to maintain if its volumes proceed to say no.
“The priority? Pump. enjoyable’s volumes have been declining — from $11.6 billion in January to $3.65 billion in June. If this development continues, the present valuation could be onerous to justify,” BitMEX wrote.
With a brand new competitor like LetsBonk on the rise, Pump.enjoyable’s monopoly on Solana memecoin launches is being challenged, with its market share beginning to lower.
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Pump.enjoyable presale sells out in minutes
The PUMP presale was some of the profitable token launches in 2025. On Saturday, Pump.enjoyable raised $500 million by means of the ICO, which offered out in 12 minutes.
Regardless of its success, neighborhood members remained divided on the consequences of Pump.enjoyable and memecoins on the crypto house. Some mentioned it had antagonistic results, whereas others celebrated Pump.enjoyable’s development.
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