According to BitMEX, nearly 60% of wallets involved in the presale have either sold their tokens or transferred them to […]
The post Pump.fun Token Faces Sell-Off Pressure After Rapid ICO Success appeared first on Coindoo.
According to BitMEX, nearly 60% of wallets involved in the presale have either sold their tokens or transferred them to other wallets or exchanges. Out of over 10,000 presale participants, just 3% have increased their holdings post-launch.
Despite the sell pressure, PUMP initially surged to an all-time high of $0.006812 before sliding nearly 20% the next day. Still, the token opened well above expectations—trading 40% higher than its presale price—even with a high percentage of unlocked supply.
BitMEX analysts noted that under similar conditions, tokens usually suffer from steep shorting and negative funding rates. But PUMP has defied that pattern, with funding rates remaining positive—suggesting that some traders still believe in its upside potential.
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However, the outlook remains mixed. The platform’s trading volume has been steadily dropping—from over $11 billion in January to just $3.65 billion in June. BitMEX warned that unless Pump.fun reverses that trend, the token’s valuation may become difficult to justify.
Adding to the pressure is the rise of LetsBonk, a rival Solana-based launchpad that’s rapidly capturing market share and threatening Pump.fun’s dominance in the memecoin ecosystem.
The post Pump.fun Token Faces Sell-Off Pressure After Rapid ICO Success appeared first on Coindoo.
Source: https://coindoo.com/pump-fun-token-faces-sell-off-pressure-after-rapid-ico-success/
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