PUMP Investor Loses $6 Million By Choosing Binance Over Bybit

Key Insights:

• The “PUMP Top Fund 2” investor deposited 2 billion tokens on Binance, even when the exchange didn’t list it.
• The investor eventually moved the funds to Bybit, but by then PUMP had crashed 50% from its $0.0064 high, leading to $6.79 million in profit loss.
• Despite unrealized losses exceeding $5.8 million, whale investor Machi Big Brother continues to add to his PUMP long positions.

A private sale investor in PUMP token has reportedly lost a staggering $6 million just by choosing the wrong exchange for his deposits. This mistake of selecting Binance over Bybit exchange for PUMP token deposit has cost the investor dearly, with PUMP price crashing down by 50%, after its ICO two weeks ago. With the token on a major freefall, investors are curious about what’s coming next.

Private Sale PUMP Investor Misses $6M Exit After Failed Binance Deposit

A private sale investor identified as “PUMP Top Fund 2” missed a profitable exit opportunity due to a misstep involving the centralized exchange Binance. Citing data from SolScan, blockchain analytics firm LookonChain reported that he investor deposited 2 billion PUMP tokens, worth $12.79 million, eight days before on Binance. Back then, the PUMP price was trading at $0.0064 per token.

However, Binance never listed PUMP for spot trading. As a result, the funds were reportedly returned to the sender 23 hours ago. Following the failed deposit, the investor immediately moved the 2 billion PUMP tokens to Bybit. This misstep proved costly as the PUMP price has already corrected 50% since then, dropping to $0.0032.

At current market prices of around $0.0029, the tokens are worth less than $6 million. Following this misstep, this is a staggering $6.79 million for the PUMP Top Fund 2.

This Whale Doubles Down on PUMP Long Position Despite $6 Million Loss

On-chain data from LookonChain shows that investor Machi Big Brother continues to increase his long exposure to PUMP, even as the token’s price declines sharply. His PUMP long positions are facing over $5.8 million in unrealized losses.

Despite the drawdown, Machi Big Brother has added to his positions. This signals continued conviction amid heightened volatility and bearish sentiment surrounding the Solana-based meme token.

With this strong whale activity, the PUMP price remains under pressure, dropping another 20% today. Furthermore, PUMP token’s daily trading volume has surged by 65% to $966 million, suggesting a strong bearish sentiment among traders.

Pump.Fun Founder Delays Airdrop Plans

Alon Cohen, the project lead for Pump.fun said that the PUMP token airdrop won’t be coming soon. He said that although the plan would be delayed, the team remains committed to keeping their word, aiming to reward the community.

Pump.fun, which launched in early 2024, quickly gained traction on Solana by enabling users to create memecoins within minutes. The platform surged amid a broader meme coin frenzy, approaching $1 billion in revenue at its peak. However, the initial momentum has faded, with user interest declining as the platform’s long-term utility failed to match early expectations.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.