Almost 60% of participants in the PUMP token presale have sold or transferred their assets to centralized exchanges and other wallets, according to BitMEX analysts.
Of 10,145 ICO participants, 6,042 wallets (59.6%) have sold or moved their tokens. 3,791 (37.4%) continue to hold their assets, and 312 addresses (3%) have increased their positions since launch.
The PUMP presale ended in 12 minutes, raising $500 million USD. Soon after, the token reached an all-time high of $0.006812. As of the time of writing, the coin is trading at $0.005221 (down 19.2%), according to CoinGecko.
BitMEX analysts have noted that PUMP exceeded expectations. Usually, a large percentage of tokens unlocked at launch can lead to aggressive selling and price pressure.
However, funding rates on PUMP perpetual futures remain positive. This indicates the market’s confidence in the asset’s potential for growth.
The main concern is the decline in trading volumes on the Pump.fun platform itself. In January, trading volume was $11.6 billion; by June, it had fallen to $3.65 billion. If this trend continues, it will be difficult to maintain the token’s current valuation, BitMEX emphasized.
Meme Coin Market Update
Since the beginning of July, the market capitalization of the meme coin sector has increased by $17 billion, according to CoinMarketCap. The figure reached $72 billion, up 29% since June 30.
At its peak, daily trading volume has exceeded $18 billion.
Dogecoin, Shiba Inu, and Pepe have shown growth over the past seven days. However, the leaders of the week were Floki (+43%), Pudgy Penguins (+63%), and Bonk (+70%).
Bonk’s growth is attributed to a new Solana-based launchpad called LetsBonk, where Pump.fun took the lead in daily revenue right before its initial coin offering.
According to DeFi Llama, the new platform has generated $8.25 million in revenue over the past seven days, compared to $4.91 million for its competitor.
According to aggregator Jupiter, LetsBonk’s market share reached 54.7% over 24 hours, while Pump.fun had 38%. The new launchpad’s trading volume totaled $925 million, surpassing Pump.fun’s $643 million.
At the same time, Pump.fun leads in 24-hour trader count: 415,000 versus 283,000 for LetsBonk. Liquidity on Pump.fun reaches $512 million, which is almost ten times higher than its competitor’s liquidity of $53 million.
