Whale Resumes PUMP Accumulation
According to on-chain analytics platform Lookonchain, a whale address that had been dormant for over a year suddenly came alive, spending 5,000 SOL (approximately $358,000) to purchase 243 million PUMP tokens. The transaction occurred in the early hours of June 29 UTC, with on-chain records showing the whale withdrew SOL from a staking contract to execute the trade.
Historical Position and Current Loss
Further investigation reveals that over a year ago, the same whale bought 10,957 SOL at an average price of $237 each (valued at roughly $2.6 million at the time) and subsequently staked all of them. Although the staking yielded an additional 1,206 SOL in rewards, the combined position is still underwater due to SOL's price decline. The decision to deploy 5,000 SOL into PUMP may indicate the whale's optimism about PUMP's future and an attempt to offset the paper loss from its SOL holdings.
Notably, PUMP trading volume has surged recently, and a whale entry of this size could further amplify price swings. The crypto community should monitor this address for follow-up actions.