Private sale investors of the Pump.fun’s native PUMP token have transferred over $160 million worth of it to centralized exchanges, according to data from Lookonchain.

Two major wallets, identified as “PUMP Top Fund 1” and “PUMP Top Fund 2,” were involved in these large token movements. 

PUMP Top Fund 1, which bought 25 billion tokens for $100 million USDC during the private sale, sent 17 billion tokens valued at nearly $90 million to exchanges.

This story is an excerpt from the Unchained Daily newsletter.

PUMP Top Fund 2, which acquired 12.5 billion tokens for $50 million, has fully offloaded the entire position, sending $71.3 million to exchanges. 

The massive token dump coincides with the PUMP token dropping below its ICO price of $0.004, currently trading around $0.00375, representing a 32% decline since launch and a 70% drop from its all-time high just seven days ago.

Pump.fun has also lost market share to competitor LetsBonk, which has seen its share of the Solana meme token launchpad grow from 51% in early to July to 64% at the time of writing.