TL;DR:
- Wallets linked to the Pump.fun team liquidated 2.07 billion tokens, increasing selling pressure.
- The asset lost the key $0.002 support and hit a low of $0.0019 before rebounding slightly.
- The launch of the “Cashback Coin” mechanism attempts to renew traders’ interest in the bearish ascendancy.
A new wave of uncertainty is hitting the meme coin segment following the detection of large-scale fraud. $pump Selling tokens Linked to your wallet on the Solana network. Recent data from Onchain Lens shows that the address Pump.fun offloaded 2.07 billion tokens worth $4.55 million in USDC.
This is not an isolated event as it comes on the heels of 543 million units sold. The death penalty was carried out just three days ago. As a result, these movements weakened the market structure and pushed the buy/sell volume indicators into red territory.
Despite the prospect of capitulation, the asset has slightly recovered the $0.002 level in recent hours. However, the persistence of sellers continues to raise concerns about the possibility of further large-scale liquidations.
Cashback Coin: A Solution to Stop the Bearish Trend?
To put out the fire caused by sales, the developers of Pump.fun designed a new compensation model called. “Cashback coin.This system allows fees that were previously paid to token creators to be redirected directly to traders.
In this regard, developers argue that not all creators deserve to be compensated.as many current developments unfairly benefit publishers. Following this announcement, $pump There was a brief spike that helped defend key support levels.
In summary, when the momentum created by compensation news weakens; $pump If the selling pressure does not stop, there is a possibility of another decline towards $0.0018.
