$PUMP raised $448.5 million and immediately fell below the issue price. Looking at the K-line, the performance is indeed unsightly.
Moreover, according to BitMEX data, nearly 60% of early investors have sold off, with only 3% of investors increasing their holdings. Additionally, the number of open contracts for $PUMP has decreased by more than 16%, currently at $629 million, indicating that retail investors are basically on the sidelines, and speculative interest and market enthusiasm are waning.
It seems that a considerable amount of market attention has been drawn away by BONK.fun, and both the on-chain revenue and issuance of Pump.fun are declining. The confidence of the community and institutional investors should also not be as strong as before, so the outlook remains bearish in the short term.
