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July 23, 2025

Whales Abandon $PUMP; 17B Tokens Hit Exchanges, Threatening Fresh Lows Jimmy Aki | usagoldmines.com

$PUMP nosedived 34% in 24 hours, now trading at $0.0037, and faces brutal sell-offs as early backers dump billions, sparking fears of a deeper plunge.

Pump.fun’s flagship token once soared after a record $500M ICO, but whale exits and fading momentum now threaten its meme empire.

From Meme Launchpad to Ecosystem Powerhouse

Following its record-breaking $PUMP token launch in July—one of the largest ICOs of the year—Pump.fun has solidified its position as a major player in the meme token space.

The initial offering sold $500 million worth of $PUMP tokens, indicating strong investor interest. However, this rapid success was just the beginning.

Shortly after the ICO, major centralized exchanges like Kraken and Bybit listed $PUMP, driving trading volumes to an astonishing $5.08 billion within the first 24 hours.

Yet, the launch was not without controversy. Critics accused whales of hoarding the token, leading to extreme price volatility. In response, Pump.fun moved swiftly to stabilize the market, spending $18 million to buy back 3.04 billion tokens in an effort to curb speculation and restore confidence.

As a Solana-based meme token launchpad, Pump.fun has evolved far beyond its initial purpose. Known for its one-click token minting, the platform has attracted millions of users looking to capitalize on the meme coin frenzy.

Since its 2024 debut, it has generated over $700 million in revenue, creating viral tokens such as Dogwifhat ($WIF), Fartcoin ($FARTCOIN), and MOONPIG. To date, more than 11 million tokens have been created on the platform.

Expanding its reach, Pump.fun recently launched PumpSwap, a decentralized exchange (DEX) dedicated to ‘graduated’ meme tokens—those with enough liquidity to sustain deeper markets.

This move not only enhances price discovery but also solidifies Pump.fun’s role in the ongoing meme trading market. Additionally, the project made its first acquisition. The platform purchased Kolscan, a wallet-tracking tool that monitors the on-chain activity of top traders.

$PUMP: Utility, Governance, and Selling Pressure

The $PUMP token serves as the native utility and governance asset for the platform, powering rewards, protocol fees, and user incentives. Despite its strong utility, the token has faced heavy selling pressure.

Recent blockchain data from Lookonchain reveals that early backers have been offloading billions of $PUMP onto exchanges, sparking fears of a further price decline.

One wallet, “PUMP Top Fund 1,” acquired 25 billion $PUMP ($100 million) during the presale. Last week, it deposited 17 billion tokens (~$90 million) onto exchanges. According to BitMEX, nearly 60% of presale participants have already sold or transferred their holdings—a trend that could indicate weakening confidence.

$PUMP Slides Deeper as Buying Interest Fades

The decline in PUMP/USDT has been steady rather than sudden, with the price grinding down over several sessions. After failing to hold the $0.0046–$0.0048 zone earlier in the week, the market has printed a clear pattern of lower highs, and the price is now hovering near $0.00370.

Each recovery attempt has been short‑lived, emphasizing the weight of the broader downtrend.

$PUMP/USDT price chart, July 22 (Source: TradingView)

Momentum indicators have been warning of this weakness. The RSI has fallen to around 32, brushing against oversold territory and reflecting a lack of sustained buying pressure.

The MACD has also rolled over decisively, with its lines sitting well below zero and the histogram stacked with red bars.

These signs show that bearish momentum has been in control for several sessions, and rallies that emerge have been corrective rather than trend‑changing.

The order‑flow footprint also speaks volumes.

Recent hourly prints are dominated by heavy negative deltas, like a –266.75M delta on 6.3B turnover and another –345.92M on 6.11B. These figures reveal aggressive selling into bids and buyers unable to absorb the flow.

$PUMP/USDT Volume chart, July 22 (Source: TradingView)

Even strong green bursts, such as a +516.42M delta on 7.35B, were quickly followed by more selling, suggesting those moments were fleeting rather than the start of a shift.

For now, the market remains under pressure. Until PUMP can reclaim and hold above $0.00390 with fresh volume, the path of least resistance stays to the downside. Support in the $0.00360 region may offer the next test to see if sellers finally lose their grip.

The post Whales Abandon $PUMP; 17B Tokens Hit Exchanges, Threatening Fresh Lows appeared first on Cryptonews.

 

This articles is written by : Nermeen Nabil Khear Abdelmalak

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