- PUMP falls below private sale price as investors sell or move tokens; early unlock and weak buybacks fail to support price.
- South Korean exchanges list 229 new tokens, surpassing 2023 totals, signaling strong retail interest but raising volatility and quality concerns.
- 1.81B PENGU tokens moved to exchanges; potential for increased liquidity or sell pressure amid mixed market sentiment and ongoing ecosystem activity.
PUMP PRICE FALLS BELOW PRIVATE SALE LEVEL
According to Spot On Chain, PUMP’s price has dropped below the private sale price of $0.004. Among the 10,145 investors who participated in the token’s private sale:
12.7% still hold their tokens,
31.6% have sold on decentralized exchanges (DEXs),
2.7% increased their holdings,
53% transferred tokens to new wallets.
Analysis:
The decline of PUMP below its $0.004 private sale price reflects heavy selling pressure and weakening investor confidence. Only 12.7% of private sale buyers are still holding, while 31.6% have sold and 53% have moved tokens to new wallets, likely for distribution or future sales.
Despite raising $500M rapidly during its ICO, the immediate unlock of 33% of tokens triggered fast profit-taking, undermining price support. The team’s attempted buyback of ~$1.83M has failed to reverse the decline. This suggests a highly speculative asset with unclear long-term value.
SOUTH KOREAN EXCHANGES LIST MORE TOKENS THAN ALL OF LAST YEAR
According to Pulse News, South Korea’s top five crypto exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—have listed 229 new cryptocurrencies so far this year, which accounts for 85.44% of 2024’s total 268 new listings. Both Upbit (37 tokens) and Bithumb (84 tokens) have already surpassed their full-year 2023 listing counts.
Analysis:
This data reflects continued retail enthusiasm in the South Korean crypto market. Leading exchanges like Upbit and Bithumb are aggressively expanding their offerings to capture market share.
However, a flood of new listings may increase market volatility and make it harder for investors to identify quality projects. Exchanges will need to balance innovation with robust risk management to maintain market integrity.
227M PENGU TRANSFERRED TO EXCHANGES IN ONE DAY
Over the past 24 hours, 226.6 million PENGU tokens ($9.05M) were transferred from the deployer address to centralized exchanges. Since July 12, a total of 1.81 billion PENGU tokens ($54.61M) have been moved to CEXs from the deployer wallet.
Analysis:
The continued transfers of PENGU tokens from the deployer address to exchanges suggest the team may be preparing to boost market liquidity or announce new partnerships. However, large inflows to exchanges often trigger sell-off concerns, putting short-term pressure on the price.
Despite strong momentum in the Pudgy Penguins ecosystem—fueled by NFT hype and the launch of its mobile game—market sentiment remains mixed: 40.07% bullish, 11.66% bearish on social media. If these transfers are for selling purposes, PENGU’s price could face further short-term downside risk.
〈CoinRank Crypto Digest (7/23)｜PUMP Price Falls Below Private Sale Level〉這篇文章最早發佈於《CoinRank》。
