Top PUMP holder dumps entire stack at 62% loss

One of the largest holders of Pump.fun’s PUMP token decided to exit its position at a steep loss. This marked one of the most painful capitulation trades seen in the meme coin market this quarter. Fresh data shows that a wallet (3QB9kH) transferred its entire PUMP balance of around 3.8 billion tokens (approx worth $19.53 million) to FalconX just to take a massive hit.

Pump.fun price has been on a continuous slide over the last quarter. PUMP price dipped by more than 71% over the past 90 days. The whale wallet had accumulated the position gradually between Sept. 12 and Nov. 4. It sourced tokens primarily from Binance at an average price of around $0.00513 per token. At that time, PUMP was riding a wave of meme coin push.

At the time of the dump, its stash was worth about $7.3 million. The estimated acquisition cost stood at more than $19.5 million. This implies a realized loss of above $12 million, or roughly 62%. The timing adds to the bearish signal. PUMP price has dropped by almost 12% in the last 24 hours. The token has turned out to be one of the worst-performing cryptos among the top 100. PUMP is trading at an average price of $0.00167 at the press time.

ENA whale exit adds to risk signs 

And this isn’t an isolated event, as around the same time, another large wallet moved its entire Ethena (ENA) position. More than 16 million ENA tokens were moved into Coinbase Prime after holding for almost a year. That position was once worth north of $18 million. Meanwhile, at the time of dumping, the stash was worth barely $3.5 million. It looks like a different token, but the same story.

ENA price has dropped by more than 67% in the last 90 days. It is trading at an average price of $0.195 at the press time. 

The global crypto market cap slumped by more than 3% in the last 24 hours to remain below $3 trillion. Bitcoin price remained under selling pressure, posting a loss of 2.5% in the same time. BTC is trading at an average price of $87,760 at the press time. The meme cryptos were hit even harder. Dogecoin, Shiba Inu, and PEPE have been bleeding throughout the season.

CoinMarketCap data shows that Audiera (BEAT) is the biggest loser of the day among the top 100 cryptos. BEAT price dropped by 34% in the last 24 hours. Midnight (NIGHT) is the second most hit token in that category. It is down by 27% in the same period. Zoom out and the pattern seems clear. Capital is bleeding out of speculative corners first. Memecoins, high-FDV DeFi, narrative-heavy trades, they’re all struggling to find real buyers once momentum dies.

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