PUMP presale participant loses $700K after depositing all holdings into Coinbase Prime for selling purposes

An institutional address that participated in the PUMP token presale deposited all its 3.75 billion PUMP holdings worth $14.3 million into Coinbase Prime and suffered a total loss of $700,000, according to @EmberCN on X. Following PUMP co-founder Alon's statement that there would not be a PUMP airdrop in the near future, PUMP plummeted by over 20% from $0.0039 to $0.0031