PUMP (Pumpfun) fell 15.80% in 24 hours

Gate News Bot news, on July 24th, according to CoinMarketCap data, as of the time of writing, PUMP (Pumpfun) is currently priced at $0.00317355, falling by 15.80% in the last 24 hours, with a high of $0.00529432 and a low of $0.00304103. The 24-hour volume reached $936 million. The current market capitalization is approximately $1.123 billion, a decrease of $211 million compared to yesterday.

Pumpfun is a platform that allows anyone to create tokens. All tokens created on Pumpfun are fairly released, meaning that when a token is first created, everyone has an equal opportunity to buy and sell. The steps to use include: 1. Choose the preferred token; 2. Purchase the token on the bonding curve; 3. Sell at any time to lock in profits or losses.

Important news about PUMP recently:

1️⃣ Large investment institutions liquidate their positions Two institutional investors participating in the PUMP private placement have completed their sell-off in the past week, selling a total of 25.5 billion PUMP, with a total value of approximately $141 million, realizing a cumulative profit of $39.65 million. One address participated in the private placement with 100 million USDC to acquire 25 billion PUMP and has transferred 13 billion PUMP to exchanges; the other address purchased 12.5 billion PUMP with 50 million USDC, which has all been transferred to exchanges. These large-scale sell-offs have significantly increased market supply pressure.

2️⃣ The project's associated address transfers a large number of tokens to the exchange The PUMP project's associated addresses have recently transferred a large amount of tokens to multiple exchanges. This includes a deposit of 2 billion PUMP (approximately 12.75 million USD) to a CEX and a deposit of 8 billion PUMP to another CEX. These operations have raised concerns in the market about the project's team possibly conducting a large-scale sell-off, further exacerbating investors' panic.

3️⃣ Famous trader faces huge losses Trader Machi Big Brother's long position on PUMP is facing a floating loss of over 5 million dollars. Nevertheless, he continues to increase his long position on PUMP. This unusual behavior has sparked controversy in the market regarding the future trend of PUMP, and some investors may choose to wait and see or exit as a result.

From a technical perspective, the PUMP price has fallen below the private placement issuance price of $0.004, breaking an important support level. In the short term, it may face further downward pressure, and investors need to closely monitor subsequent market reactions and potential rebound opportunities.

This message is not intended as investment advice; investors should be aware of market volatility risks.