Pump.fun private sale investors send over $160M to exchanges
Main Idea
Private sale investors of Pump.fun (PUMP) memecoin have offloaded over $160 million in tokens to exchanges, causing the token's price to drop below its ICO price and raising concerns about the broader memecoin market.
Key Points
1. Private sale investors sent over $160 million in PUMP tokens to centralized exchanges, with Top Fund 1 depositing 17 billion tokens worth nearly $90 million and Top Fund 2 sending over $71 million.
2. The PUMP token dropped to an all-time low of $0.003642 on July 22, a 46.5% decrease from its all-time high and a 32% drop since its launch on July 15.
3. Pump.fun raised almost $500 million in its ICO, which sold out in 12 minutes, but presale participants quickly offloaded their tokens, with nearly 60% of presale holdings being sold by July 17.
4. The memecoin sector's market cap surged to $87 billion on July 21, up 58% from $55 billion, but dropped to $81 billion by July 22, indicating volatility in the market.
Description
Pump.fun whales have sent over $160 million in tokens to exchanges as PUMP drops below its ICO price, triggering fears of a broader memecoin market correction.
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