PUMP, the token from meme platform Pump.fun, has crashed below its ICO price of $0.004, now trading at just $0.003739. This decline follows major sell-offs from top whales, including “PUMP Top Fund 1,” who bought 25 billion PUMP tokens for $100 million but has already sent 17 billion to exchanges. Another whale dumped all 12.5 billion tokens, adding pressure to PUMP’s fragile price.
Despite initial hype, the token’s utility remains limited. While Pump.fun pledged 25% of its protocol revenue for token buybacks, the lack of any concrete use case raises concerns. A recent buyback involving 187,770 SOL briefly boosted prices by 17%, but that momentum didn’t last.
The ICO, which raised nearly $600 million in just 12 minutes, became the third-largest crypto fundraising event ever. However, 33% of the supply was distributed instantly, leading to massive early dumps by institutional buyers. DWF Labs and Wintermute have entered as market makers, but their involvement hasn’t stabilized the price.
With trading volume spiking to $722 million in 24 hours, volatility remains high. For now, PUMP’s future depends on consistent buybacks and finding actual utility beyond meme hype.
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