BitMEX said the PUMP token defied the odds, with its funding rates trending positively despite a large initial float.
Almost 60% of presale participants in Pump.fun’s initial coin offering (ICO) have already sold or transferred their tokens to centralized exchanges (CEXs) or other wallets, according to data shared by BitMEX.
Citing onchain data, the crypto exchange said that of the 10,145 ICO participants in the PUMP presale, 6,042 wallets (59.6%) had already sold or transferred their tokens to CEXs.
Meanwhile, 3,791 wallets (37.4%) continued to hold their tokens, while a small group of 312 wallets (3%) had increased their holdings a week after the token launch.
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