Key Takeaways
What drove Pump.fun’s decline?
Team wallets sent $436.5 million to exchanges while buybacks fell, weakening support and pressuring the price.
How are PUMP whales reacting now?
Top holders added 20 billion tokens, showing accumulation despite bearish momentum and a potential test near $0.0022.
With the crypto market stuck in a prolonged downtrend, some altcoins, including Pump.fun, have taken heavy damage.
Amid this pressure, the Pump.fun [PUMP] team sharply increased exchange deposits, raising renewed fears of dumping across the market.
Pump.fun moved $436.5 million to exchanges
Lookonchain data showed Pump.fun steadily offloaded USDC. It deposited $436.5 million USDC into Kraken since the 15th of October.
During the same period, $537.6 million USDC flowed from Kraken to Circle via wallet DTQK7G.
Source: Lookonchain
Such heavy CEX transfers previously aligned with selling phases. Between the 19th of May 2024 and the 12th of August 2025, the team sold 4.19 million SOL worth $757 million.
That history kept sentiment fragile. Investors generally interpret increased team-led exchange flows as bearish, which often encourages copycat selling from other holders.
Buybacks fall sharply
Pump.fun also scaled back token buybacks. Artemis data showed buyback spending dropped 36.5% to $886k, holding below the $1 million line.
Source: Artemis
That shift set up the reduced support, suggesting weaker team conviction as PUMP extended its decline. Without stabilizing flows, downside risk strengthened.
Whales take the opposite stance
Even so, whales used the drop to accumulate. Coinalyze showed buyers dominated 4 of the last 7 days, while sellers prevailed only twice.
Source: Coinalyze
PUMP recorded 39.23 billion in Buy Volume since the 20th of November, signaling broad Spot demand.
On top of that, Nansen data showed Top Holders increased balances by 20 billion tokens during the same period. Balance Change also stayed positive, indicating minimal whale distribution.
This accumulation, despite poor price actio,n suggested whales anticipated future appreciation.
Source: Nansen
Dip or reversal?
PUMP rejected $0.0048 two weeks ago and traded inside a descending channel, hitting a $0.0024 low. At press time, the token traded at $0.0026, down 3.76% on the day and 21.3% on the week.
The DMI Stochastic Momentum Index dropped to -55, while the histogram turned deeply negative. PUMP also traded below its EMA20, EMA50, EMA100, and EMA200, confirming strong bearish momentum.
Market conditions still exposed PUMP to more losses.
Source: TradingView
If Pump.fun continues selling and whales fail to absorb supply, PUMP could slide toward $0.0022.
A successful reversal would require buyers to reclaim $0.0030 and push toward the EMA20 at $0.0033.
