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On-chain data monitoring shows that the institutional investor behind the PUMP token has been continuously transferring funds to exchanges over the past month. The most recent transfer occurred 10 hours ago, when they transferred 50 million USDC from ICO sales to a major exchange, Kraken.
The entire transfer timeline is even more noteworthy: over the course of more than a month since November 15, this investor has transferred a total of 605 million USDC to Kraken, all of which was obtained from their ICO sales.
Compared to the initial funding price of the project, PUMP's institutional ICO round in June was only $0.004. This stands in stark contrast to the current market price and also indicates changes in the project's token performance and market recognition after fundraising. This series of fund outflows may reflect strategic adjustments or a plan to cash out by the investor.