Investors from the private sale of Pump.fun (PUMP) memecoin have started unloading billions of tokens on exchanges, raising fears of a possible sell-off as the token’s price falls below its initial sale value.

Blockchain analytics firm Lookonchain reported that two early backers of the memecoin, identified in Solscan as PUMP Top Fund 1 and PUMP Top Fund 2, have collectively sent over $160 million in PUMP tokens to centralized exchanges.

The $PUMP price has dropped below its private/public sale price of $0.004.
“PUMP Top Fund 1” spent 100M $USDC to buy 25B $PUMP at $0.004 in the private sale.
So far, he has deposited 17B $PUMP ($89.5M) to exchanges via #FalconX and still holds 8B $PUMP ($29.58M).

During the private sale, the Top Fund 1 wallet purchased 25 billion tokens for $100 million in USDC. Over the last week, this wallet has deposited 17 billion tokens, valued at nearly $90 million, to exchanges. Despite this offloading, the wallet still holds tokens worth approximately $29.5 million.

The second wallet acquired 12.5 billion tokens for $50 million during the private sale and has since offloaded its entire stash, valued at over $71 million, to exchanges.

Although the PUMP token showed bullish signs right after its launch, it has been affected by a high unlock percentage. According to CoinGecko data, the token’s value dropped to an all-time low of $0.003642 today (July 22), marking a 46.5% decrease from its highest value of $0.006812, and a 32% decline since its launch on July 15.

Its current price also shows a 7% drop compared to its presale price of $0.004, indicating that presale investors who have yet to sell their tokens are facing unrealized losses.

As of now, it remains unclear if the PUMP crypto whale intends to dump the $90 million worth of tokens they have transferred to exchanges, which is typically expected once large deposits of an asset begin to hit exchanges.

PUMP Crypto Private Sale Whale Is Sending Millions of Dollars Worth of The Pump.fun Token To Exchanges – More Blood Incoming?

During the private sale, the Top Fund 1 wallet purchased 25 billion tokens for $100 million in USDC. Over the last week, this wallet has deposited 17 billion tokens, valued at nearly $90 million, to exchanges. Despite this offloading, the wallet still holds tokens worth approximately $29.5 million.

The second wallet acquired 12.5 billion tokens for $50 million during the private sale and has since offloaded its entire stash, valued at over $71 million, to exchanges.

Although the PUMP token displayed bullish trends right after its launch, it has faced challenges from a high unlock percentage. According to CoinGecko data, it has reached an all-time low of $0.003642 on July 22, representing a 46.5% decrease from its peak of $0.006812.

Sentiment

With presale investors in loss territory and many having opted to sell at a loss, positive sentiment for PUMP appears scarce across social media. The majority of posts regarding $PUMP on X currently feature bearish analyses, with many predicting continued declines.

PUMP is currently trading at approximately $0.0037, with many expecting $0.003 to be the next critical support level. Amid little communication from the Pump.fun team regarding their roadmap or potential airdrops, the price continues its downward trend.

Crypto trader @BenjiGanar has articulated a prediction for the future of the PUMP token, stating:

“I mentioned many times how bearish $PUMP’s tokenomics are rn (right now), pre-sale buyers are underwater, which will cause more selling pressure. When airdrops comes, another huge selling pressure. After everyone’s rekt, we may get a good buying opportunity, patience.”

Despite all this negativity, the historical precedence suggests that severe criticism can sometimes lead to unexpectedly strong recovery rallies. The team has significant capital at their disposal, and strategic buybacks or a clear roadmap could alter the market perception for the PUMP token.