Pump.fun Whale Takes $12 Million Hit on PUMP Exit as Memecoin Market Plunge Continues
A major player on the Pump.fun platform just cashed out of PUMP—and ate a staggering $12 million loss in the process. It's the latest sign that the memecoin frenzy is running out of steam, fast.
The Great Unwind
Whales are dumping, and the tide is going out. This isn't just a dip; it's a full-scale retreat from the speculative fever that sent dog and cat-themed tokens to the moon. The exit of a single entity at such a monumental loss signals a brutal shift in sentiment. Liquidity is getting pulled, and the paper gains of the last bull run are evaporating into thin air.
Beyond the Hype Cycle
Let's be real—this was always a game of musical chairs. The music's stopped, and someone just got left holding a very expensive bag. While the degens were chasing the next 100x meme, the underlying infrastructure for real, utility-driven crypto adoption kept building. The current washout might just be the painful, necessary cleanse before the next leg up for serious projects. After all, even in traditional finance, they call it 'smart money' for a reason—it usually knows when to leave the party before the cops show up.
ENA whale exit adds to risk signs
And this isn’t an isolated event, as around the same time, another large wallet moved its entire Ethena (ENA) position. More than 16 million ENA tokens were moved into Coinbase Prime after holding for almost a year. That position was once worth north of $18 million. Meanwhile, at the time of dumping, the stash was worth barely $3.5 million. It looks like a different token, but the same story.
ENA price has dropped by more than 67% in the last 90 days. It is trading at an average price of $0.195 at the press time.
The global crypto market cap slumped by more than 3% in the last 24 hours to remain below $3 trillion. Bitcoin price remained under selling pressure, posting a loss of 2.5% in the same time. BTC is trading at an average price of $87,760 at the press time. The meme cryptos were hit even harder. Dogecoin, Shiba Inu, and PEPE have been bleeding throughout the season.
CoinMarketCap data shows that Audiera (BEAT) is the biggest loser of the day among the top 100 cryptos. BEAT price dropped by 34% in the last 24 hours. Midnight (NIGHT) is the second most hit token in that category. It is down by 27% in the same period. Zoom out and the pattern seems clear. Capital is bleeding out of speculative corners first. Memecoins, high-FDV DeFi, narrative-heavy trades, they’re all struggling to find real buyers once momentum dies.
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