$PUMP Presale Wallet Analysis: Whales vs. Retail Buyers

On July 12, 2025, the Solana-based memecoin launchpad Pump.fun made waves across the crypto world by successfully raising $600 million in just 12 minutes during its highly anticipated $PUMP token presale. Offering 150 billion tokens—representing 15% of the total 1 trillion supply—at a fixed price of $0.004 each, this event became one of the fastest sell-outs in cryptocurrency history, demonstrating remarkable market enthusiasm while generating both excitement and skepticism within the community.

A Deeper Dive into the Data

According to Dune analytics, more than $448.5 million worth of $PUMP tokens were purchased directly via the Pump.fun website within the brief 12-minute presale period, with an additional $141.5 million bought through various CEXs. In total, 23,959 wallets successfully completed KYC verification, of which 10,145 wallets (42.3%) actively participated in the sale.

Whale Influence vs. Retail Participation

Analysis of buying patterns reveals stark contrasts. While the average purchase per wallet surpassed $44,000, the median purchase was only $552. This substantial discrepancy highlights the significant impact of whales, who substantially inflated the average purchase size.

Indeed, whale activity was a defining feature of this presale. A total of 202 whales each purchased 250 million $PUMP tokens, investing $1 million each. Collectively, these whales accounted for 33.7% of the total presale volume. 

Conversely, retail investors dominated in numbers, with 56.8% of wallets buying less than $1,000 worth of tokens, and another 17.1% purchasing between $1,000 and $5,000. Together, these smaller buyers represented 73.9% of total participants.

Post-Presale Wallet Activity

Post-sale behavior among whales presents an intriguing picture. Out of the 202 whales, 125 have either transferred their tokens to other wallets or liquidated their holdings. Meanwhile, 69 whales have maintained their holdings without any transactions, and notably, eight have actively increased their token holdings since the presale.

One standout example involves the whale address ff.sol, which previously gained attention for buying 5.97 million $TRUMP tokens at $0.20 each—initially investing $1.19 million that at peak market valuation soared beyond $438 million. This whale participated in the $PUMP presale via a newly created wallet, investing $1 million, and continues to hold these tokens according to Solscan data.

Sources of Funds and Strategic Wallet Activity

Insights from Blockworks indicate distinct funding behaviors among participants. Around 38.2% sourced their capital from DEXs, 24.8% relied on CEXs, and 30% transferred funds from other wallets.

The large number of wallet-to-wallet transfers suggests strategic efforts to diversify or obscure token ownership. Notably, one wallet (address: 88888FAoqY6JdSvz7fk1FPd6qjPTcCMGcS64GbwonLoE) topped up 500 individual wallets with $400 each.

Despite the allowance of up to $1 million per wallet purchase, the deliberate dispersal of funds across numerous wallets sparked speculation about strategic positioning for possible bonuses targeting small-scale investors.

Conclusion

Pump.fun’s explosive $PUMP token presale doesn't just highlight the strength of Solana's memecoin sector—it also signals an intensifying rivalry in the launchpad space, particularly against newcomer LetsBonk.fun. While Pump.fun made headlines with its record-setting $500 million raise, it did so amidst mounting pressure from LetsBonk.fun, which has rapidly gained traction in daily token launches and trading activity.

The success of this presale offers Pump.fun a much-needed narrative win after LetsBonk.fun began dominating Solana's launchpad metrics in early July. However, with LetsBonk capturing a growing share of new token deployments, the battle between these two platforms is far from over. Pump.fun’s presale proves it can still command attention, but whether it can sustain momentum in the face of LetsBonk’s aggressive growth remains the next key storyline to watch.

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