TL;DR:
- A wallet linked to the Pump.fun team liquidated 2.07 billion tokens, increasing selling pressure.
- The asset lost the critical $0.002 support, hitting lows of $0.0019 before a slight rebound.
- The launch of the “Cashback Coins” mechanism attempts to renew trader interest against bearish dominance.
A new wave of uncertainty has flooded the memecoin segment following the detection of a massive PUMP token sell-off linked to wallets on the Solana network. Recent data from Onchain Lens reveals that an address associated with Pump.fun offloaded 2.07 billion tokens valued at $4.55 million in USDC.
This is not an isolated event, as it follows the sale of 543 million units executed just three days ago. Consequently, these movements have weakened the market structure, pushing buy and sell volume indicators into red territory.
Despite the capitulation outlook, the asset marginally recovered the $0.002 level in recent hours. However, the persistence of sellers keeps alarms raised regarding the possibility of further large-scale liquidations.
Cashback Coins: A Solution to Halt the Bearish Trend?
In an attempt to put out the fire left by the sales, Pump.fun developers designed a new reward model called “Cashback Coins.” This system allows fees, which previously went to token creators, to be redirected directly to traders.
In this context, developers argue that not all creators deserve rewards, as many current deployments unfairly benefit issuers. Following this announcement, interest in PUMP saw a temporary spike that helped defend key support levels.
In summary, if the momentum generated by the reward news fades, PUMP could once again drop toward $0.0018 if the selling pressure does not cease.
