Most $PUMP token presale investors already liquidated their holdings

A majority of presale investors of $PUMP token have already sold or transferred their holdings, according to data from crypto exchange BitMEX. Nearly 60% of the wallets that participated in Pump.fun’s ICO have either sold or moved their tokens to centralized exchanges (CEXs) or other wallets within a week of launch.

BitMEX posted on X Thursday that out of the 10,145 wallets that took part in the $PUMP presale, 6,042 wallets, approximately 59.6%, had offloaded or transferred their holdings. Yet, 3,791 wallets, about 37.4%, are holding on to their allocations. A small minority, about 3% or 312 wallets, had increased their positions in the token.

Token falls in value after $500 million ICO fundraise

As reported by Cryptopolitan earlier this week, the token generation event (TGE) for $PUMP generated close to $500 million in just 12 minutes, setting a fully diluted valuation of around $4 billion, at a price of $0.004 per token and total supply of 125 billion tokens.

It's been almost 1 week since the @pumpdotfun ICO💊

From 10,145 participants who contributed $448.5M:

➡️59.6% sold or transferred
➡️37.4% continue to HODL
➡️3% increased their holdings

Our quant reveals traders are still BULLISH on $PUMP. Read on👇https://t.co/mIH0MN8Tby pic.twitter.com/pFdAa2FXfH

— BitMEX (@BitMEX) July 17, 2025

After the presale, $PUMP was listed on several exchanges, including BitMEX, Binance, Bybit, Kraken, KuCoin, and Gate.io. It was made available through both spot and perpetual contracts, allowing traders to access the token in several ways.

Soon after listing, $PUMP surged to an all-time high of $0.006812 on Wednesday, as per CoinGecko data. However, by Thursday, the price had dipped to $0.005325, a 17.74% drop in the last 24 hours, and 55% down from its all-time high of $0.01214. 

BitMEX analysts mentioned how $PUMP supposedly “defied how most tokens perform” post-ICO. “Such conditions as $PUMP, large floats, and quick profits lead to hedging and strong downward pressure in derivatives markets,” they explained, arguing that tokens with a high unlock rate suffer in price because of high numbers of short-term traders.

Pump.fun platform revenue could affect token valuation

Despite the token’s better-than-expected launch, BitMEX analysts warned investors that sustaining its current valuation is not a guaranteed take. One of the reasons the price is currently on a downtrend is the declining trading volume on Pump.fun, the platform behind the token.

Pump.fun saw its trading volume fall from $11.6 billion in January to just $3.65 billion in June. If the launchpad continues losing revenue, it could put pressure on the token’s long-term value.

Competitor LetsBonk, the BONK-powered memecoin launcher, is also eating into Pump.fun’s user base. Although Pump.fun is an all-time chart topper compared to the almost 2-month-old platform, it generated less than 50% of LetsBonk’s weekly revenue between July 7 and July 13.

Pump.fun generates about $540 million in annual profit, giving the $PUMP token a price-to-earnings (P/E) ratio of 9.6x. This is higher than LetsBonk’s 5.4x, but significantly lower than Raydium’s P/E ratio of 65x.

Pump.fun disclosed that of the 33% of tokens allocated to its ICO, 18% would be reserved for a private sale targeting institutional investors. The remaining 15%, or 150 billion tokens, was intended for public sale.

However, on-chain data shows that only 12.5% of the total supply was actually distributed during the public sale. The platform has not provided an official explanation for the unaccounted 2.5%, and community members asked where the rest of the tokens were.

Pump.fun later on wrote a post on X to thank presale participants, promising them that the platform, token, and Solana ecosystem as a whole will have a “bright future.”

Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now