According to BitMEX analysts, a significant portion of early investors in the PUMP token have exited their positions shortly after the presale. Out of 10,145 wallets that participated, 59.6% either sold their tokens or transferred them to centralized exchanges and external wallets.
The remaining 37.4% are still holding the asset, while 3% have increased their holdings post-launch. Despite the sell-off, current data points to sustained interest in the project.
Rapid Launch, Price Pressure
The PUMP presale concluded in just 12 minutes, raising $500 million. Shortly after listing, the token hit an all-time high of $0.006812, before correcting by -19.2% to $0.005221, according to CoinGecko.
Typically, a large percentage of unlocked tokens leads to aggressive sell pressure. However, funding rates for PUMP remain positive, signaling that the derivatives market is still optimistic about the token’s future.
Activity on Pump.fun Is Declining
While sentiment remains cautiously bullish, BitMEX analysts point to a concerning trend: a sharp drop in trading activity on Pump.fun, the platform where PUMP originated. Trading volume has declined from $11.6 billion in January to $3.65 billion in June. If this trend continues, it could challenge the token’s current valuation and long-term growth potential.
Meme Market Rebounds
Since early July, the meme coin sector has seen a resurgence. Total market capitalization has climbed to $72 billion, up $17 billion (+29%) in just a couple of weeks. Daily trading volume peaked at $18 billion, showing strong trader engagement.
Notable performers include:
- Dogecoin, Shiba Inu, and Pepe — steady gains
- Floki: +43%
- Pudgy Penguins: +63%
- Bonk: +70%
Bonk stood out in particular, driven by the launch of a new Solana-based launchpad called LetsBonk, which overtook Pump.fun in daily revenue just ahead of its token launch.
Launchpad Competition: LetsBonk vs. Pump.fun
According to data from Jupiter and Defi Llama:
- LetsBonk now holds 54.7% of market share, surpassing Pump.fun at 38%
- Daily trading volume: $925 million for LetsBonk, $643 million for Pump.fun
- Weekly revenue: $8.25 million vs. $4.91 million, respectively
Despite this, Pump.fun still leads in other key metrics:
- Daily active traders: 415,000 (Pump.fun) vs. 283,000 (LetsBonk)
- Total liquidity: $512 million for Pump.fun, nearly 10 times LetsBonk’s $53 million
What’s Next?
The situation around PUMP and the broader meme coin market remains fluid. On one hand, the high percentage of token sell-offs creates downward pressure. On the other, strong funding rates and community interest suggest that PUMP could have further upside — especially if activity on Pump.fun stabilizes or rebounds.
With meme coins surging again, the race between launchpads like Pump.fun and LetsBonk could shape the next phase of this highly speculative but fast-growing sector.
