Pump.fun Faces Significant Losses Despite Whale Accumulation: Here’s What’s Happening

The Pump.fun team transferred $436.5 million to exchanges while buyback activities saw a notable decline, putting pressure on the token's price.
Major holders have amassed 20 billion tokens, indicating accumulation despite bearish market trends and a potential test around $0.0022.
The broader crypto market is enduring a prolonged downturn, severely affecting several altcoins, including Pump.fun.
With increasing deposits on exchanges, concerns about market dumping have resurfaced among investors.

Key Takeaways

The Pump.fun team transferred $436.5 million to exchanges while buyback activities saw a notable decline, putting pressure on the token's price.
Major holders have amassed 20 billion tokens, indicating accumulation despite bearish market trends and a potential test around $0.0022.
The broader crypto market is enduring a prolonged downturn, severely affecting several altcoins, including Pump.fun.
With increasing deposits on exchanges, concerns about market dumping have resurfaced among investors.

pump.fun [PUMP]

Pump.fun’s $436.5 Million Transfer to Exchanges

Recent data from Lookonchain reveals that Pump.fun has been consistently converting USDC, having deposited a significant sum of $436.5 million into Kraken since October 15. Concurrently, $537.6 million of USDC moved from Kraken to Circle through the wallet DTQK7G.

pump deposits to exchanges

Source: Lookonchain

Such substantial transfers to centralized exchanges (CEX) are often linked with selling activities. In a previous instance, between May 19, 2024, and August 12, 2025, the Pump.fun team sold 4.19 million SOL for $757 million. This history contributes to a fragile market sentiment, as increased exchange activity by the team tends to be viewed negatively by investors, often leading to widespread selling by others.

Sharp Decline in Buybacks

In a worrying trend, Pump.fun has drastically reduced its token buyback efforts. Data from Artemis indicates that buyback spending plummeted by 36.5%, falling below the $1 million mark to $886,000.

Pump fun revenue buybacks

Source: Artemis

This cutback has resulted in decreased market support, signaling weaker confidence from the team at a time when PUMP continues its downward trajectory. Lacking consistent inflows for stabilization, the risk of further price declines is increasing.

Whale Accumulation Amidst Price Drop

Despite the unfavorable market conditions, large investors or "whales" have taken advantage of the price drop to accumulate more tokens. According to Coinalyze, buyers held the upper hand for four out of the last seven days, while sellers managed to dominate only twice.

PumpFun buy sell volume

Source: Coinalyze

Since November 20, PUMP has recorded a staggering 39.23 billion in buy volume, indicating strong spot demand. Additionally, data from Nansen confirms that top holders have increased their balances by 20 billion tokens during this period, showcasing minimal distribution among whales. This accumulation, despite adverse price action, suggests that whales anticipate future price increases.

Top addresses pump

Source: Nansen

Assessment: Dip or Reversal?

Two weeks ago, PUMP faced resistance at $0.0048 and has been trading within a descending channel, reaching a low of $0.0024. At the time of reporting, the token was priced at $0.0026, reflecting a drop of 3.76% for the day and 21.3% for the week.

The DMI Stochastic Momentum Index has shown a drastic decline, currently at -55, while the histogram has transitioned deeply into negative territory. PUMP is also trading below its EMA20, EMA50, EMA100, and EMA200, indicating a robust bearish trend.

Pump DMI SMI

Source: TradingView

If Pump.fun does not halt its selling and whales are unable to absorb the selling pressure, PUMP may decline further towards $0.0022. A successful price reversal would necessitate buyers reclaiming $0.0030 to aim for the EMA20 at approximately $0.0033.