Pump.Fun token dips below the ICO price as private sales whales that are offloaded to over $ 160m
Private sellers of pump.fun (pump) memecoin investors began offloading billions of exchange tokens, which raised a seller’s concerns as the tokens dropped below the initial cost of its sale.
Blockchain analytics firm lookonchain That -flag That the two early supporters of the Memecoin token, labeled by Solscan as “Pump Top Fund 1” and “Pump Top Fund 2,” have been sent together $ 160 million to pump tokens in centralized exchanges.
During the private sale, the top 1 purse fund earned 25 billion tokens for $ 100 million in USDC (USDC). Last week, the purse deposited 17 billion tokens worth nearly $ 90 million to replace. As the whale begins the offering, it still holds tokens worth $ 29.5 million.
A second wallet bought 12.5 billion tokens for $ 50 million during private sale. Unlike the first wallet, this investor has loaded the whole stash worth more than $ 71 million to replace.
Pump.Fun token has fallen while Presale participants are offloading tokens
While the pump token showed bullish signs immediately after its launch, it began to see the impact of having a high percentage of unlocking the launch.
Coingecko data shows that in the last seven days, the value of the token reduced At a full time low of $ 0.003642 on July 22. It represents a 46.5% from all times high 0.006812 and a decrease of 32% since its launch on July 15.
Its current price point also shows a 7% drop compared to the initial price of the coin (ICO) offer of $ 0.004. This means that investors who have not yet sold their tokens face incoherent losses.
On July 13, Pump.Fun raised nearly $ 500 million from the initial offering of the pump token coin, Seller in 12 minutes. However, the participants seemed eager to offload their tokens after the ICO.
On July 17, BitMex shared onchain data showing that almost 60% of Pump Presale participants Sold or transferred their tokens to the exchange or other wallets. At this time, 37.4% of Presale participants held their tokens, while 3% continued to increase their holdings.
Bitmex analysts said the pump post-launch appreciation opposed expectations due to the high percentage of its unlocking during the launch. Bitmex said large floats often lead to strong downward pressure in derivatives markets.
Related: Pump.Fun bought Kolscan at first acquisition, eyes gamiified trading
The Memecoin sector rose to $ 87 billion on July 21
Meanwhile, the broader sector of Memecoin began to show signs of slowing down. CoinMarketCap data shows that the general market capitalization of the memecoins fell to $ 87 billion on July 21, up to 58% from its $ 55 billion value on June 30.
This was followed by a rapid collapse to a low $ 81 billion on July 22. At the time of writing, the Memecoin sector cap was at $ 82 billion, according to CoinMarketCap.
Anthony Anzalone, the founder and CEO of Layer-1 Blockchain Network Xion, has previously been told in Cointelegraph that increasing the memecoin market cap shows that capital that Nowhere is better to flow.
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