BitMEX Data Reveals Massive Sell-Off as PUMP Token Crashes 56% Post-ICO
The PUMP token, launched via memecoin platform Pump.fun, has lost over half its value after peaking at $0.006812 on July 16. By July 18, the price had plummeted to $0.0053 as nearly 60% of presale investors exited their positions.
BitMEX exchange data shows 6,042 of 10,145 initial participants sold or transferred tokens within seven days of the $500-600 million ICO. Despite Pump.fun's $19.2 million buyback of 3.2 billion tokens, platform volumes collapsed from $11.6 billion in January to $3.65 billion in June.
The ecosystem now faces significant challenges with over 2,400 counterfeit PUMP tokens and 6,700 scam attempts reported. Quantitative analysis indicates remaining traders maintain bullish sentiment toward the embattled memecoin despite the sell-off.
