According to blockchain analytics firm LookOnChain, the entity, identified as “PUMP Top Fund 2,” deposited 2 billion tokens—then valued at $12.79 million—into Binance just eight days ago, anticipating a spot listing that never materialized.
With no listing available, Binance returned the tokens nearly a day later. The investor then transferred the entire stash to Bybit.
However, in the time between deposit and transfer, PUMP’s price dropped by 46%, from $0.0064 to $0.0035, wiping out what could have been a $6 million profit.
PUMP, the token powering Solana’s meme launchpad PumpFun, saw an initial price surge following its ICO, but quickly declined below its offering price—leaving some early buyers in the red.
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