Key Insights:
Over 59% of early holders have sold or moved PUMP tokens, showing growing uncertainty in the project’s value trajectory.
PUMP token listings on major exchanges like OKX and Kraken failed to spark a price rebound or halt the selloff.
Buyback efforts totaling $2.3M have not prevented PUMP from falling below its presale price amid ongoing selling pressure.
Pump.fun’s native token, PUMP, has dropped below its presale price, falling to around $0.00406. This marks a 21% decline in the past 24 hours, according to CoinMarketCap. The price has slipped under the previously established support level, triggering concern across retail markets.
The market capitalization for PUMP has decreased to $1.43 billion. This comes despite strong trading activity, with over $1.1 billion in 24-hour volume. Resistance has now formed near the $0.00522 level, where the price previously peaked. Sellers continue to dominate, outweighing bullish attempts to stabilize the token.
Early Investors Exit Positions
BitMEX data indicates that 59.6% of early investors have either sold or transferred their PUMP holdings. Only 3% of early participants have added to their positions. This pattern suggests weakening confidence after the project raised $448.5 million from 10,145 participants during its public sale.
Pump.fun repurchased approximately $2.3 million worth of PUMP tokens in an attempt to stabilize the price. However, the effort has failed to generate momentum, and the selloff has continued. The price drop below the ICO floor confirms that short-term exit strategies are taking precedence over long-term holding sentiment.
Decline in Perpetual Open Interest
According to Coinalyze, open interest in perpetual contracts tied to the PUMP token has decreased by 16.3% in the past day. The total now stands at $629.2 million. The decline highlights reduced trader confidence in leveraged positions, aligning with spot market weakness.
Although the token was listed on several exchanges, including OKX, Kraken, Bybit, KuCoin, and BitMEX, these listings have not lifted the token’s value. OKX confirmed that spot trading against USDT began earlier today, yet no upward price movement has followed.
Crypto traders have shared charts indicating that PUMP is now oversold based on the Stochastic RSI. Some retail traders anticipate a short-term bounce, but broader sentiment remains bearish. Without a strong catalyst, market direction continues to lean downward.
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