Almost 60% of presale participants in Pump.fun’s initial coin offering (ICO) have already sold or transferred their tokens to centralized exchanges (CEXs) or other wallets, according to data shared by BitMEX.
Citing onchain data, the crypto exchange said that of the 10,145 ICO participants in the PUMP presale, 6,042 wallets (59.6%) had already sold or transferred their tokens to CEXs.
Meanwhile, 3,791 wallets (37.4%) continued to hold their tokens, while a small group of 312 wallets (3%) had increased their holdings a week after the token launch.
PUMP token has dropped nearly 20% from its peak
After the presale, the PUMP token rallied, reaching an all-time high of $0.006812 on Wednesday, according to CoinGecko. The token dropped to $0.005468 the next day, a 19.1% decline in value.
Despite the recent drop, BitMEX analysts said the PUMP token had already defied expectations. Even though it had a high unlock percentage at launch, it still debuted at $0.0056, 40% more than its presale price.
“Typically, such conditions as $PUMP — large floats and quick profits—lead to aggressive hedging and strong downward pressure in derivatives markets,” BitMEX wrote. This leads to heavy negative funding rates as traders rush to short the token.
However, BitMEX said the token’s funding rates have been trending positive. This means the market shows confidence that the token may still increase in value.
Despite this, BitMEX pointed out that while the memecoin launchpad’s current performance may justify PUMP’s token valuation, it may be difficult to sustain if its volumes continue to decline.
“The concern? Pump.fun’s volumes have been declining — from $11.6 billion in January to $3.65 billion in June. If this trend continues, the current valuation might be hard to justify,” BitMEX wrote.
With a new competitor like LetsBonk on the rise, Pump.fun’s monopoly on Solana memecoin launches is being challenged, with its market share starting to decrease.
Related: Pump.fun token sale confirmed, Europe-based users barred: Bybit
Pump.fun presale sells out in minutes
The PUMP presale was one of the most successful token launches in 2025. On Saturday, Pump.fun raised $500 million through the ICO, which sold out in 12 minutes.
Despite its success, community members remained divided on the effects of Pump.fun and memecoins on the crypto space. Some said it had adverse effects, while others celebrated Pump.fun’s growth.
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