Almost 60% of Pump.Fun’s first coin offering (ICO) Presale participants have already sold or transferred tokens to centralized exchanges (CEXS) or other wallets, according to data shared by Bitmex.
Citing Onchain data, Crypto Exchange said out of 10,145 ICO participants in Pump Presale, 6,042 wallets (59.6%) had already sold or transferred tokens to CEXS.
Meanwhile, 3,791 wallets (37.4%) continued to hold tokens, while a small group of 312 wallets (3%) increased their holdings a week after the launch of the token.
Pump tokens have dropped by nearly 20% from the peak
After being sold in advance, the pump token recovered, reaching an all-time high of $0.006812 on Wednesday, according to Coingecko. The token fell to $0.005468 the next day, with value down 19.1%.
Despite the recent decline, Bitmex analysts said the pump tokens are already in opposition to expectations. Despite the high unlock rate at launch, it debuted at $0.0056.
“Usually, conditions like $pumps – big floats and quick profits – lead to strong downward pressures in the aggressive hedging and derivatives market,” writes Bitmex. This leads to heavy negative funding rates as traders are in a hurry to shorten their tokens.
However, Bitmex said the token funding rate is positive. This means that the market is showing confidence that the value of the token could still increase.
Nevertheless, Bitmex noted that the current performance of the MemeCoin LaunchPad may justify the evaluation of pump tokens, but it may be difficult to maintain as the amount continues to decrease.
“Concern? Pump. The volume of fans is declining — from $11.6 billion in January to $3.65 billion in June. If this trend continues, it may be difficult to justify the current valuation,” Bitmex writes.
New competitors like Letsbonk on The Rise are challenging their monopoly on the launch of Pump.Fun’s Solana Memecoin, and market share is beginning to decline.
Related: Pump.Fun Token Sale has been confirmed, and banned BIBit for European-based users
Pump.Fun Presale sells out in minutes
Pump pre-sale was one of the most successful token launches of 2025. On Saturday, Pump.Fun raised $500 million through ICO, selling out in 12 minutes.
Despite its success, community members remained divided into the effects of Pump.Fun and Memecoins on the cryptospace. Some said it had a negative effect, while others celebrated pump.fun’s growth.
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