$500 million sold out in 12 minutes. Is PUMP's new offering just a game for institutions and whales?
BlockBeatsJul 14, 2025The big event these past few days has been the meme launch platform Pump.fun's token presale. After much anticipation, $PUMP launched its presale on July 12th, selling out $500 million worth of shares in just 12 minutes. This is a stark reminder that it's not that the market lacks funds, but rather that the money in the market is more inclined to wait and see and invest in large projects. As Bitcoin breaks new highs, $PUMP's presale seems to be at a delicate point in time where the market sentiment is shifting from bearish to bullish, and more people are starting to experience FOMO. There are also whales opening long positions on Hyperliquid. Correspondingly, there is another group of people who feel dejected for not being able to access $PUMP through CEXs. According to Pump.fun's official website data, the data for several CEXs that previously announced presale cooperation with it is 0 in the proportion of all $PUMP channels that were successful in the presale; and for the other CEXs with data, such as KRaken, KUcoin, and Gate, the proportion of the total $PUMP presale obtained through them is only about 10%. If you also tried to participate in the $PUMP presale from a CEX, you most likely came up empty. But don't be upset just yet, here is more data that may make you feel better, which may point to a clearer conclusion --- the $PUMP presale may be a carnival for a few. Kraken, a Carnival for Two In the prior arrangement, Pump.fun's presale sought cooperation with 6 CEXs; regardless of the specific process and reasons, the presale data of three of them was 0 in the results, which made people focus on the other three CEXs that obtained shares. Kraken is the CEX that obtained the most shares, generating a total of $30.000 million in new offering quota. You might think that many users obtained $PUMP through Kraken, but the reality may be that --- only 2 people obtained the quota. According to Twitter user @splinter0n's monitoring of the presale interface data, the value in the "Number of Participants" column for Kraken during the presale was 2, meaning that only 2 people participated in the new offering (2 independent addresses), and they obtained a total of $30.000 million in quota. (Source: @splinter0n) In the comments section of the post, people also discussed who these two people were, but overall, social media tends to believe that this is a layout by powerful whales, and ordinary retail investors cannot obtain such a large amount of money, and cannot participate when CEXs collectively have problems. In addition, the blogger also showed more data, which shows that only 15 people participated through Gate, obtaining a total of $5.000 million in quota; 120 people participated through Kucoin, obtaining a total of nearly $16.500 million in quota. In other words, the total number of participants in these three exchanges that can obtain $PUMP shares is less than 140; considering that one person may hold multiple addresses, this data is estimated to be even smaller. It is worth noting that, for the authenticity and credibility of the data, in the other data monitored by the blogger, the total number of participants in the presale, the total amount of participation, and other data are almost the same as the data displayed by the Pump.fun official. Therefore, for the number of people who participated in the $PUMP new offering through several CEXs, although the official did not specify, we also have reason to speculate that this is close to the real situation. In any case, participating in the new CEX offering is a $Pump for a few, and a dejection for the majority. Most People Only Bought $500 If users who participated in the new CEX offering failed to participate due to process failures, then did the retail investors who directly went to the official website make a fortune? Let's use data to speak. Blockworks, a well-known overseas media and data analysis platform, recently launched a data panel, which can intuitively see various data of this $PUMP presale. First of all, a total of 10,000 independent addresses participated in the purchase, and the most concentrated purchase amount was concentrated in the range of $100 - $1000, and the median purchase amount was about $540. Note that this is the median rather than the average, and the statistical caliber has excluded the situation where the average is raised due to the purchase of a few super whales. In other words, most addresses only participated with $500; and on the Twitter timeline, you may find a large number of posts complaining about not being able to buy successfully or FOMO, and the degree of regret seems like they bought hundreds of thousands of dollars. There is often a huge gap between real data and social media sentiment. Emotions can be amplified, but there is only so much money in the wallet. And if we examine large accounts, there are 202 wallets with purchase amounts exceeding $1.000 million, and 138 wallets with purchase amounts exceeding $500,000. In addition, there is some interesting data that is also worth paying attention to. Among all the wallets participating in the presale, the proportion of new wallet addresses created in less than 24 hours accounted for nearly 45%. If the presale has a purchase limit for each wallet, then large accounts and institutions can bypass the limit by creating new wallets in batches to maximize their purchase volume. In contrast, the proportion of wallets that have existed for more than one year and participated in the presale is less than 5%. This also supports a view discussed in the community --- the presale is more beneficial to large accounts, and old retail investors may become "exit liquidity." Finally, if you examine the source of funds for participating in the presale directly on the $Pump official website, you will find that in addition to self-built independent addresses, most of the off-chain funds are actually withdrawn from Bianance, and the number even exceeds the total number of withdrawal addresses from all other CEXs. On the chain, Solana's ecosystem of DeFi projects such as Raydium, SolFi, and Jupiter contributed a large amount of funding. Putting them together, the proportion of funds from their own independent addresses and DEXs in the cumulative 10,000+ participating addresses has exceeded 60%, and CEXs account for less than 30%. This once again illustrates the importance of channels. For most crypto projects, the shorter the participation path, the better; people tend to want to save trouble. If they withdraw from a CEX to their own address and then participate in the presale, the willingness to participate will inevitably decrease. So now we see that each CEX is directly embedding on-chain new offerings and creating its own on-chain wallet in its APP entrance, which is also reasonable. Edge Walker Putting these $PUMP presale data together, the seemingly open decentralized presale has a more centralized tendency at the data level. The low-cost creation of new wallets, the pre-market long-short game on Hyperliquid, the problems with the final participation channels of CEXs... All of these make the $PUMP presale seem more like an elite game and arrangement, rather than a community-driven opportunity. At the same time, this is not the first time we have seen FOMO and criticism surrounding a certain token amplified on social media. Retail investors are always chasing the phantom of the "next 100x coin," but often find themselves to be marginal participants in the face of data. And as we continue to wait and see in "dejection," the market will become increasingly dependent on the capital flows of a few. Standing at this point in time of Bitcoin's new high, edge walkers still feel that it is too cold at the top. Original link https://www.techflowpost.com/article/detail_26981.html [Deep Tide TechFlow]
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$500 million sold out in 12 minutes. Is PUMP's new offering just a game for institutions and whales?
BlockBeatsJul 14, 2025The big event these past few days has been the meme launch platform Pump.fun's token presale. After much anticipation, PUMP launched its presale on July 12th, selling out $500 million worth of shares in just 12 minutes. This is a stark reminder that it's not that the market lacks funds, but rather that the money in the market is more inclined to wait and see and invest in large projects. As Bitcoin breaks new highs, PUMP's presale seems to be at a delicate point in time where the market sentiment is shifting from bearish to bullish, and more people are starting to experience FOMO. There are also whales opening long positions on Hyperliquid. Correspondingly, there is another group of people who feel dejected for not being able to access PUMP through CEXs. According to Pump.fun's official website data, the data for several CEXs that previously announced presale cooperation with it is 0 in the proportion of all PUMP channels that were successful in the presale; and for the other CEXs with data, such as KRaken, KUcoin, and Gate, the proportion of the total PUMP presale obtained through them is only about 10%. If you also tried to participate in the PUMP presale from a CEX, you most likely came up empty. But don't be upset just yet, here is more data that may make you feel better, which may point to a clearer conclusion --- the PUMP presale may be a carnival for a few. Kraken, a Carnival for Two In the prior arrangement, Pump.fun's presale sought cooperation with 6 CEXs; regardless of the specific process and reasons, the presale data of three of them was 0 in the results, which made people focus on the other three CEXs that obtained shares. Kraken is the CEX that obtained the most shares, generating a total of $30.000 million in new offering quota. You might think that many users obtained PUMP through Kraken, but the reality may be that --- only 2 people obtained the quota. According to Twitter user @splinter0n's monitoring of the presale interface data, the value in the "Number of Participants" column for Kraken during the presale was 2, meaning that only 2 people participated in the new offering (2 independent addresses), and they obtained a total of $30.000 million in quota. (Source: @splinter0n) In the comments section of the post, people also discussed who these two people were, but overall, social media tends to believe that this is a layout by powerful whales, and ordinary retail investors cannot obtain such a large amount of money, and cannot participate when CEXs collectively have problems. In addition, the blogger also showed more data, which shows that only 15 people participated through Gate, obtaining a total of $5.000 million in quota; 120 people participated through Kucoin, obtaining a total of nearly $16.500 million in quota. In other words, the total number of participants in these three exchanges that can obtain PUMP shares is less than 140; considering that one person may hold multiple addresses, this data is estimated to be even smaller. It is worth noting that, for the authenticity and credibility of the data, in the other data monitored by the blogger, the total number of participants in the presale, the total amount of participation, and other data are almost the same as the data displayed by the Pump.fun official. Therefore, for the number of people who participated in the PUMP new offering through several CEXs, although the official did not specify, we also have reason to speculate that this is close to the real situation. In any case, participating in the new CEX offering is a Pump for a few, and a dejection for the majority. Most People Only Bought $500 If users who participated in the new CEX offering failed to participate due to process failures, then did the retail investors who directly went to the official website make a fortune? Let's use data to speak. Blockworks, a well-known overseas media and data analysis platform, recently launched a data panel, which can intuitively see various data of this PUMP presale. First of all, a total of 10,000 independent addresses participated in the purchase, and the most concentrated purchase amount was concentrated in the range of $100 - $1000, and the median purchase amount was about $540. Note that this is the median rather than the average, and the statistical caliber has excluded the situation where the average is raised due to the purchase of a few super whales. In other words, most addresses only participated with $500; and on the Twitter timeline, you may find a large number of posts complaining about not being able to buy successfully or FOMO, and the degree of regret seems like they bought hundreds of thousands of dollars. There is often a huge gap between real data and social media sentiment. Emotions can be amplified, but there is only so much money in the wallet. And if we examine large accounts, there are 202 wallets with purchase amounts exceeding $1.000 million, and 138 wallets with purchase amounts exceeding $500,000. In addition, there is some interesting data that is also worth paying attention to. Among all the wallets participating in the presale, the proportion of new wallet addresses created in less than 24 hours accounted for nearly 45%. If the presale has a purchase limit for each wallet, then large accounts and institutions can bypass the limit by creating new wallets in batches to maximize their purchase volume. In contrast, the proportion of wallets that have existed for more than one year and participated in the presale is less than 5%. This also supports a view discussed in the community --- the presale is more beneficial to large accounts, and old retail investors may become "exit liquidity." Finally, if you examine the source of funds for participating in the presale directly on the Pump official website, you will find that in addition to self-built independent addresses, most of the off-chain funds are actually withdrawn from Bianance, and the number even exceeds the total number of withdrawal addresses from all other CEXs. On the chain, Solana's ecosystem of DeFi projects such as Raydium, SolFi, and Jupiter contributed a large amount of funding. Putting them together, the proportion of funds from their own independent addresses and DEXs in the cumulative 10,000+ participating addresses has exceeded 60%, and CEXs account for less than 30%. This once again illustrates the importance of channels. For most crypto projects, the shorter the participation path, the better; people tend to want to save trouble. If they withdraw from a CEX to their own address and then participate in the presale, the willingness to participate will inevitably decrease. So now we see that each CEX is directly embedding on-chain new offerings and creating its own on-chain wallet in its APP entrance, which is also reasonable. Edge Walker Putting these PUMP presale data together, the seemingly open decentralized presale has a more centralized tendency at the data level. The low-cost creation of new wallets, the pre-market long-short game on Hyperliquid, the problems with the final participation channels of CEXs... All of these make the PUMP presale seem more like an elite game and arrangement, rather than a community-driven opportunity. At the same time, this is not the first time we have seen FOMO and criticism surrounding a certain token amplified on social media. Retail investors are always chasing the phantom of the "next 100x coin," but often find themselves to be marginal participants in the face of data. And as we continue to wait and see in "dejection," the market will become increasingly dependent on the capital flows of a few. Standing at this point in time of Bitcoin's new high, edge walkers still feel that it is too cold at the top. Original link https://www.techflowpost.com/article/detail_26981.html [Deep Tide TechFlow]
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