Pump.fun’s PUMP Token Falls Below ICO Price, How Low Will Price Go?
Highlights
- The price of PUMP token is below its ICO price, down by 21%.
- More than 59% of early investors have dumped their positions in Pump token.
- The market became bearish since open interest declined and a buyback failed to work.
Pump.fun’s PUMP token has dropped below its presale price, triggering fresh panic among retail traders. The token is now trading around $0.00406, down nearly 21% in the past 24 hours. The selloff intensified even after listing on major exchanges like OKX and BitMEX.
PUMP Token Sell Pressure Grows as Buyback Efforts Fall Short
According to CoinMarketCap data, PUMP token’s market cap has reduced to $1.43 billion. Despite over $1.1 billion in 24-hour trading volume, bulls failed to hold support zones. The earlier high near $0.00522 has now become resistance, as sellers continue to dominate the token’s market.
Based on BitMEX data shared on X, 59.6% of early investors have already sold or transferred their PUMP tokens. However, only 3% of this group have increased their holdings.
This suggests fading confidence, despite earlier optimism after the ICO raised $448.5 million from 10,145 participants. According to Coinalyze data, open interest in perpetual contracts has also declined 16.3% in one day, now standing at $629.2 million.
Crypto Bully, a well-known trader, said via an X post that he expects more downside unless a strong catalyst emerges. He called the current technical signals a setup for short positions.
However, he didn’t provide the next possible crucial support level for PUMP token. Pump.fun repurchased $2.3M in PUMP tokens to stabilize the price.
But the situation worsened after the much-hyped buyback strategy failed to stop the bleeding. However, the price drop below the ICO floor confirms fears that early liquidity exit was outweighing any long-term holder conviction.
Exchange Listings Fail to Lift Token’s Price as Sentiment Remains Bearish
OKX confirmed via X that spot trading for PUMP token against the USDT began earlier today. But the launch failed to generate a lasting rally. Meanwhile, some retail traders believe a rebound is near.
A chart shared by @CryptoA4 on X shows oversold signals on the Stochastic RSI and a possible bounce forming. The post claims “the bottom is in,” but confidence in that view remains low.
Unless a new announcement shifts momentum, the path of least resistance appears downward. After its public sale, Pump.fun’s PUMP token went live on multiple crypto exchanges, notably, Kraken, Bybit, KuCoin, and MEXC. However, token’s price still dropped after the listings.
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