Investors from the private sale of the Pump.fun (PUMP) memecoin have started selling billions of tokens, causing alarm as the token's value fell below its initial sale price. Blockchain analytics firm Lookonchain reported that two major backers, identified as “PUMP Top Fund 1” and “PUMP Top Fund 2,” transferred over $160 million in PUMP tokens to exchanges. Top Fund 1 acquired 25 billion tokens for $100 million and recently deposited 17 billion tokens worth nearly $90 million. Despite selling, it retains tokens valued at $29.5 million. Meanwhile, Top Fund 2 sold its entire 12.5 billion token stash for over $71 million. After an initial surge, the PUMP token has seen a significant decline, dropping to an all-time low of $0.003642, a 46.5% decrease from its peak. Following a successful ICO that raised nearly $500 million, many presale participants have opted to sell, with reports indicating that nearly 60% have transferred their tokens to exchanges. Read more AI-generated news on: https://app.chaingpt.org/news