Pump.fun private sale investors have sold over $160 million worth of tokens to exchanges, leading to fears of a broader market correction as the PUMP token dropped below its initial coin offering (ICO) price. Two major backers sent billions of tokens to centralized exchanges, with one wallet having offloaded 17 billion tokens worth nearly $90 million while still retaining tokens worth $29.5 million. The second whale sold its entire 12.5 billion tokens for over $71 million. The PUMP token, which initially peaked at $0.006812 after its launch, fell to an all-time low of $0.003642, reflecting a significant decline since its launch. Analysis suggests a high unlock percentage at launch contributed to downward pressure on the token's value, as many presale participants opted to sell, with less than 40% retaining their tokens. The broader memecoin market capitalization, after peaking at $87 billion, also showed signs of decline, dropping to $82 billion.

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