The team behind the cryptocurrency platform Pump.fun transferred billions of its native PUMP tokens to the Bitget exchange in early March, sparking concerns of a potential sell-off. Despite these transfers, the market has not shown strong volatility, with the price declining slightly and trading volume dropping to around $100 million. Data indicates retail buyers have been accumulating the token recently, but a longer-term on-chain indicator suggests broader selling pressure still exists, creating a mixed market sentiment.
Recent on-chain data shows movement linked to the Pump.fun team. Data indicates a wallet linked to the project executed two transactions, transferring its native PUMP token to the cryptocurrency exchange Bitget.
The first transaction involved the sale of 1.75 billion PUMP, valued at roughly $3.54 million. A second transaction transferred 5,000 tokens worth about $10.
Transfers from private wallets to centralized exchanges often raise concerns about a potential sell-off. Despite the transfers, the market has yet to show strong volatility.
PUMP’s price has declined by 1.73% while trading volume dropped 21%. So far, spot exchange netflow data shows no clear evidence of a large-scale sell-off.
This metric tracks inflow and outflow to determine market dominance. According to CoinGlass data, investors have continued to buy PUMP over the past five days.
Average daily purchases were about $691,000 beginning March 2. However, a broader market indicator presents a different picture.
The Accumulation/Distribution indicator suggests selling pressure still dominates. Chart data shows distribution has persisted for several months, dating back to November 2025.
In the past 24 hours alone, roughly 6 billion PUMP tokens entered circulation. This indicates continued distribution into the market.
Despite the market uncertainty, on-chain activity across the ecosystem remains relatively steady. Launchpad volume on the platform continues to climb.
Data from Artemis shows launchpad volume currently stands at $101.8 million. This marks the second-highest level recorded this year.
Rising platform usage could gradually support overall demand for the token. At present, Pump.fun generates around $1.3 million in revenue per day.
