Pump.fun Sends 13.75 Billion PUMP Tokens to Wintermute, Price Craters 22%
- Pump.fun transferred 13.75 billion PUMP tokens, worth about $55 million, to the market maker Wintermute
- The market reacted negatively to the news, sending the PUMP token’s price down by over 22% in 24 hours
- The move is likely to provide liquidity for major exchange listings, despite the short-term price drop
Memecoin launchpad Pump.fun has transferred a massive 13.75 billion PUMP tokens, valued at around $55 million, to the prominent crypto market-making firm Wintermute. But instead of a rally, the news triggered a sharp 22.65% price crash for the token as the market reacted with uncertainty.
The large-scale movement, first flagged by on-chain analyst ai_9684xtpa, suggests a strategic alignment between the two entities, but it has cast a shadow over the token’s short-term price direction.
Related: Pump.fun Completes Its ICO With $500M Raised: Here Are Key Details
A Strategic Move for Liquidity
The timing of the transaction is crucial. It followed several small test transfers of just 10 PUMP tokens to Wintermute and other wallets, which indicates the large transfer was a pre-planned and coordinated event.
The post Pump.fun Sends 13.75 Billion PUMP Tokens to Wintermute, Price Craters 22% appeared first on Coin Edition.
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Pump.fun Sends 13.75 Billion PUMP Tokens to Wintermute, Price Craters 22%
- Pump.fun transferred 13.75 billion PUMP tokens, worth about $55 million, to the market maker Wintermute
- The market reacted negatively to the news, sending the PUMP token’s price down by over 22% in 24 hours
- The move is likely to provide liquidity for major exchange listings, despite the short-term price drop
Memecoin launchpad Pump.fun has transferred a massive 13.75 billion PUMP tokens, valued at around $55 million, to the prominent crypto market-making firm Wintermute. But instead of a rally, the news triggered a sharp 22.65% price crash for the token as the market reacted with uncertainty.
The large-scale movement, first flagged by on-chain analyst ai_9684xtpa, suggests a strategic alignment between the two entities, but it has cast a shadow over the token’s short-term price direction.
Related: Pump.fun Completes Its ICO With $500M Raised: Here Are Key Details
A Strategic Move for Liquidity
The timing of the transaction is crucial. It followed several small test transfers of just 10 PUMP tokens to Wintermute and other wallets, which indicates the large transfer was a pre-planned and coordinated event.
The post Pump.fun Sends 13.75 Billion PUMP Tokens to Wintermute, Price Craters 22% appeared first on Coin Edition.
Read More