<div id="readability-page-1"><h2><strong>Key Takeaways</strong></h2><h3><em>What drove Pump.fun’s decline?</em></h3><p>Team wallets sent $436.5 million to exchanges while buybacks fell, weakening support and pressuring the price.</p><h3><em>How are PUMP whales reacting now?</em></h3><p>Top holders added 20 billion tokens, showing accumulation despite bearish momentum and a potential test near $0.0022.</p><hr/><p>With the crypto market stuck in a prolonged downtrend, some altcoins, including Pump.fun, have taken heavy damage.</p><p>Amid this pressure, the Pump.fun [PUMP] team sharply increased exchange deposits, raising renewed fears of dumping across the market.</p><h2><strong>Pump.fun moved $436.5 million to exchanges</strong></h2><p>Lookonchain data showed Pump.fun steadily offloaded USDC. It deposited $436.5 million USDC into Kraken since the 15th of October.</p><p>During the same period, $537.6 million USDC flowed from Kraken to Circle via wallet DTQK7G.</p><div id="attachment_548478"><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-deposits.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1650" height="1110" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-deposits.jpg"/></p><p id="caption-attachment-548478">Source: Lookonchain</p></div><p>Such heavy CEX transfers previously aligned with selling phases. Between the 19th of May 2024 and the 12th of August 2025, the team sold 4.19 million SOL worth $757 million.</p><p>That history kept sentiment fragile. Investors generally interpret increased team-led exchange flows as bearish, which often encourages copycat selling from other holders.</p><h2><strong>Buybacks fall sharply</strong></h2><p>Pump.fun also scaled back token buybacks. Artemis data showed buyback spending dropped 36.5% to $886k, holding below the $1 million line.</p><div id="attachment_548474"><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Pump.fun-revenue-buybacks.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1920" height="800" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Pump.fun-revenue-buybacks.jpeg"/></p><p id="caption-attachment-548474">Source: Artemis</p></div><p>That shift set up the reduced support, suggesting weaker team conviction as PUMP extended its decline. Without stabilizing flows, downside risk strengthened.</p><h2><strong>Whales take the opposite stance</strong></h2><p>Even so, whales used the drop to accumulate. Coinalyze showed buyers dominated 4 of the last 7 days, while sellers prevailed only twice.</p><div id="attachment_548477"><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-buy-volume.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1200" height="800" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-buy-volume.png"/></p><p id="caption-attachment-548477">Source: Coinalyze</p></div><p>PUMP recorded 39.23 billion in Buy Volume since the 20th of November, signaling broad Spot demand.</p><p>On top of that, Nansen data showed Top Holders increased balances by 20 billion tokens during the same period. Balance Change also stayed positive, indicating minimal whale distribution.</p><p>This accumulation, despite poor price actio,n suggested whales anticipated future appreciation.</p><div id="attachment_548475"><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/top-holders-pump.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1435" height="585" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/top-holders-pump.jpeg"/></p><p id="caption-attachment-548475">Source: Nansen</p></div><h2><strong>Dip or reversal?</strong></h2><p>PUMP rejected $0.0048 two weeks ago and traded inside a descending channel, hitting a $0.0024 low. At press time, the token traded at $0.0026, down 3.76% on the day and 21.3% on the week.</p><p>The DMI Stochastic Momentum Index dropped to -55, while the histogram turned deeply negative. PUMP also traded below its EMA20, EMA50, EMA100, and EMA200, confirming strong bearish momentum.</p><p>Market conditions still exposed PUMP to more losses.</p><div id="attachment_548481"><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-smidmi.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1411" height="666" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-smidmi.jpeg"/></p><p id="caption-attachment-548481">Source: TradingView</p></div><p>If Pump.fun continues selling and whales fail to absorb supply, PUMP could slide toward $0.0022.</p><p>A successful reversal would require buyers to reclaim $0.0030 and push toward the EMA20 at $0.0033.</p></div>

PUMP

<p>Pump.fun faces losses as team wallets sent $436.5M to exchanges, weakening support. Despite bearish momentum, whales accumulated 20B tokens, indicating potential future appreciation. PUMP traded at $0.0026, down 21.3% weekly, with strong bearish indicators. Continued selling could push PUMP to $0.0022, while a reversal needs buyers to reclaim $0.0030 and target $0.0033.</p>

Pump.fun faces sharp losses despite 20B whale accumulation – Here’s why!