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A recent report from BitMEX
$228.42K
showed that a majority of those who bought PUMP during its presale have already sold or transferred their tokens.
Out of 10,145 wallets that participated in the initial sale, 6,042, or about 60%, either sold their tokens or transferred them to centralized exchanges. Meanwhile, 3,791 wallets have kept their tokens, and another 312 have increased their holdings since launch.
After going live, the PUMP token rose to a peak price of $0.006812 on July 16 but dropped by 19% to $0.005468 on July 17.
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Despite the decline, the token’s debut price of $0.0056 was still about 40% higher than its presale price, which analysts described as better than expected given the high number of tokens unlocked at launch.
BitMEX noted that similar situations often lead traders to bet against the PUMP token, which puts downward pressure on it. The exchange said:
Typically, such conditions as PUMP, large floats and quick profits, lead to aggressive hedging and strong downward pressure in derivatives markets.
Even so, BitMEX warned that the long-term value of the PUMP token depends on whether Pump.fun can maintain its trading activity. The platform’s trading volumes have dropped from $11.6 billion in January to $3.65 billion in June.
Recently, Gate briefly listed a $600 million Pump.fun token sale but quickly removed it. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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