This morning, three Pump.fun team wallets unlocked their tokens and immediately sent about $5 million worth of $PUMP to Coinbase Prime. The tokens were barely unlocked before the team had already found a door to the market.

This batch totals 1.458 billion tokens. The same wallets had the same amount last month. Monthly unlocks have been happening at this pace since July. The unlock itself isn’t news; everyone already knew about it.

PIEVERSE’s tokens unlocked at noon without a sell-off, but the PUMP team sent its tokens straight to an exchange. One didn’t spook the market; the other saw holders make the first move. Tokens unlocked and sitting in wallets are one thing; sending them to an exchange is another—the latter is just one click away from being sold. The price has already fallen more than 10% this week, and buying demand was weak to begin with.

My take is that the team’s pace of receiving tokens hasn’t changed, but their destination wallets make it clear they can sell at any time. The next batch unlocks on December 11. I’ll check the books again then to see whether they actually sold these tokens.

#解锁 #Pumpfun