The $PUMP memecoin drama just took another turn, and this time, it’s not about a community pump.
Two heavyweight funds, which previously backed the Solana-based token with a combined $150 million, have been offloading billions of tokens right after a major buyback.
The timing? Let’s just say it has X doing what it does best, speculating wildly.
Sell first, ask questions later?
According to crypto analyst @mlmabc, the funds dropped 16 billion $PUMP tokens, worth around $86.4 million, in the past 48 hours.
That chunk represents 1.6% of the token’s total supply and nearly 5% of what’s currently circulating. It’s raising a few eyebrows, especially considering these are some of the earliest and largest backers of the token.
Their exit follows a $19.2 million buyback by Pump.fun, the platform behind the token.
That buyback, funded by platform fees, had initially helped lift $PUMP’s price by over 30%, temporarily earning the token an "Experimental" label on Coinbase.
But now? The vibe’s a bit different. These funds still hold billions in $PUMP, but this sudden dump has analysts questioning whether it's just profit-taking, or a signal that confidence is waning.
Still experimental… and kinda wild
At its current price of roughly $0.005271 (per Coingecko), $PUMP still holds a fully diluted valuation around $5.29 billion.
However, critics point to the token’s lack of governance features, revenue sharing, or even basic utility as reasons to tread carefully.
There’s also chatter around why early investors had no vesting schedules. Some users on X called it an “institutional flip against retail.”
Others just called it “jew mode,” in true memecoin fashion. Either way, this is the second major wave of sell pressure despite roughly $30 million worth of buybacks so far.
As $PUMP rides the line between hype and exit liquidity, all eyes are on what the whales do next, and whether retail sticks around for the next round.
