The PUMP token, launched via the Pump.fun platform, experienced a wave of sell-offs shortly after one of this year’s most notable ICOs. According to BitMEX, nearly 60% of presale participants have already transferred their tokens to exchanges or other wallets. Despite a strong debut, the token's price has started to decline, while the platform's volume has dropped for the sixth consecutive month.
Most Presale Participants Have Already Sold Their Tokens
BitMEX analyzed on-chain data related to the PUMP token presale. Out of 10,145 participants, 6,042 addresses (59,6%) have already sold or moved their tokens to centralized exchanges and third-party wallets. Another 3,791 addresses (37,4%) are still holding their assets, while just 312 addresses (3%) have increased their holdings since the listing.
PUMP ICO Buyers. Source: Dune Analytics
Rapid Rise Followed by Sharp Correction
After the presale, the token showed strong short-term momentum. On Wednesday, the price reached $0.006812 but dropped to $0.005468 the next day — a decline of nearly 19%. Still, the token's initial launch price was $0.0056, which is 40% above the presale rate, despite a high percentage of unlocked tokens.
In the past 24 hours, the token has fallen 10,41%, and 22,59% over the week. Its all-time high stands at $0.005825. At the time of writing, the token is trading at $0.00485 — down 59,86% from its peak.
Pump.fun (PUMP) to USD Price Chart. Source: Coinmarketcap
Funding Remains Positive in Derivatives Market
BitMEX notes that in typical cases where large token volumes enter the market and investors take profits, prices face heavy pressure and funding rates in the derivatives market turn negative. However, PUMP shows a different pattern: funding remains positive, indicating that traders are still optimistic.
Platform Volume and Market Share in Decline
At the same time, BitMEX points to structural risks. Trading volume on Pump.fun continues to shrink - from $11.6 billion in January to $3.65 billion in June. If this trend continues, it could undermine the current valuation of PUMP.
Additional pressure is coming from new competitors. LetsBonk, a new memecoin launch platform, is entering the market and already eating into Pump.fun’s market share.
PUMP ICO Set a Record for Fundraising Speed
The Pump.fun presale raised $500 million in just 12 minutes, making it one of the fastest and largest token sales of 2025. Still, opinions in the crypto community are divided: some users argue that the growth of Pump.fun and memecoins harms the industry, while others see it as a driver for new forms of crypto engagement.
