Pump.fun launched its PUMP cryptocurrency and raised a staggering $600 million in just 12 minutes, but despite this initial success, the token’s value is declining. Whale hedging and fears of overvaluation are contributing to the slump.

Key Highlights:

• Pump.fun Plays a Vital Role in Solana’s Growth
  The platform has transformed SPL token minting on the Solana blockchain, minting thousands of tokens daily.

• Successful ICO, Yet Prices Drop
  After the ICO on July 12, traders expressed frustration as PUMP crashed after the launch, with current prices hovering around $0.007, marking a 10% drop from its peak.

• Selling Pressure from Whales
  Large holders are hedging their investments by trading on perpetual exchanges, further driving down the price.
  Reports indicate that whales who bought PUMP during the ICO have begun to offload their positions, creating additional downward pressure.

Overall, despite its promising start, the path ahead for PUMP appears challenging unless the buying interest regains momentum.