Whales Abandon $PUMP; 17B Tokens Hit Exchanges, Threatening Fresh Lows

Key Points

1. $PUMP's price dropped 34% in 24 hours to $0.0037, with whales depositing 17 billion tokens (~$90M) onto exchanges, increasing selling pressure.

2. Pump.fun initially raised $500M in its ICO and saw $5.08B in trading volume post-listing on major exchanges like Kraken and Bybit, but faced criticism for whale-driven volatility.

3. Pump.fun spent $18M to buy back 3.04B $PUMP tokens to stabilize the market and expanded its ecosystem with PumpSwap, a DEX for meme tokens, and acquired Kolscan for wallet tracking.

4. Technical indicators like RSI (32) and MACD show weak momentum, with order-flow data revealing aggressive selling and lack of sustained buying interest.

5. The token's price struggles to recover, with resistance at $0.00390 and support near $0.00360, as presale participants continue offloading holdings.