Two wallets linked to Pump.fun are triggering significant sell pressure
Widespread on-chain data on X shows that two identified wallets linked to Pump.fun have sold or transferred large amounts of PUMP tokens, totaling approximately 10.59 million USD.
Specifically:
The wallet 77DsB has sold a total of 3.75 billion PUMP at approximately 0.0021 USD, raising about 8.02 million USDC. This is a complete divestment transaction, not a partial sale.
The GpCfm wallet transferred 1.21 billion PUMP (approximately 2.57 million USD) to Bitget, while retaining 3.54 billion PUMP (approximately 7.4 million USD).
The direct transfer of tokens to exchanges is particularly sensitive, as it means the possibility of immediate liquidation, creating clear and predictable selling pressure.
A total value of 10.6 million USD is a significant figure for a memecoin, enough to impact the order book and investor sentiment — especially when these wallets are described as 'linked to Pump.fun'. This raises speculation about the potential profit-taking by insiders or early holders, a strong bearish signal in the short term for meme assets.
Market sentiment shifts from 'accumulation' to 'distribution'
Earlier, the community spread the story about 'buyback' activities and 'draining supply'. However, new on-chain data shows the opposite: large token flows are being sold off or prepared for sale.
The consequences are:
Retail investors begin to anchor expectations lower before returning to the market.
Discussion shifts to DCA strategy at deeper price levels (e.g., 0.0008 USD).
Technical analysis emphasizes important support areas such as 0.001660 USD and warns of risks if breached.
The market did not collapse immediately, but expectations have changed. As confidence weakens, immediate buying pressure becomes more cautious while potential supply increases — creating persistent downward price pressure. A correction of nearly 4–5% in 24 hours aligns more with a 'silent distribution' pattern rather than extreme panic.
Macroeconomic factors play a secondary role
At the same time, major assets like Bitcoin trade relatively stable within a narrow range, with no signs of macro shocks or widespread risk avoidance events.
None:
Smart contract incident
Legal notice
Delisting
Change in tokenomics structure
This reinforces the argument that the volatility of PUMP is endogenous, stemming from specific cash flows of linked wallets, rather than the general market context.
Internal cash flow is the main catalyst
The series of events shows:
On-chain data detects large sell-offs from linked wallets.
Multi-language information spreads on X.
Sentiment shifts from expectations of 'buyback' to doubts about 'distribution'.
Investors adjust positions and anchor buy prices lower.
In the memecoin market, trust is a core factor. When signs appear that insiders may be liquidating, even without official confirmation, the market often reacts by re-pricing risk.
Thus, the drop of about 4–5% of PUMP is best explained by large sell-offs from linked wallets, in a context where the overall market is only slightly negative. This is a reaction to changes in expectations and position structure, rather than a macro shock.