Pump.fun team suspected of selling custody holdings, says analyst

The team behind memecoin launchpad Pump.fun (PUMP) is continuously selling its tokens, according to a report from Onchain Lens. The on-chain analysis firm noted that seven months ago, 3.75 billion PUMP, worth approximately $25.39 million, was transferred from a Pump.fun custody wallet to a wallet starting with 77DsB. Two hours ago, this recipient wallet sold 543 million PUMP in exchange for $1.2 million in USDC. The wallet still holds 3.2 billion PUMP, currently valued at around $7.07 million.