Pump.fun (PUMP) is facing headwinds as its price dipped below the $0.004 private sale level. Data from Spot On Chain reveals a significant shift in investor behavior. A mere 12.7% of the original private sale participants are still holding their PUMP tokens. A substantial 31.6% have opted to sell their holdings via Decentralized Exchanges (DEX), likely taking profits or cutting losses. Interestingly, only 2.7% decided to increase their positions by purchasing additional tokens. The most notable trend is that 53% of the private sale investors have transferred their tokens to new addresses. While the exact reasons remain unclear, this likely includes transfers to centralized exchanges for potential selling pressure or to different wallets for various strategic reasons. The data suggests caution is warranted regarding PUMP's short-term price trajectory. ```