TLDR:PUMP price drops under presale floor, triggering major sell-offs from early investors.Whale data shows over 50% of presale tokens moved, with most large players exiting.Leverage adds volatility as Machi’s $4M-down position draws retail attention.Buybacks have slowed despite large SOL reserves, raising concerns over team strategy.The price of PUMP has slipped under its private sale floor, triggering major moves among early investors. Whales, funds, and trading accounts are adjusting quickly, with some realizing profits and others taking losses. Most presale buyers have already moved or sold their tokens, while a few still hold out. This shift comes amid slowing buybacks and uncertainty in the broader altcoin market. All eyes are now on whether PUMP can bounce or bleed out further.PUMP Whales Exit, Some Still in the RedSpot On Chain data shows that 53% of presale buyers moved their tokens to new wallets. Some were sold on DEXs or deposited to centralized exchanges. Only 12.7% of presale participants still hold their tokens, while 2.7% decided to buy more.Two large funds made early profits. One, dubbed “Top Fund 1,” put $100 million into PUMP and has already offloaded $89.5 million worth of tokens. They still hold nearly $30 million, sitting on an estimated $19 million profit. Another fund that spent $50 million has exited entirely, netting over 40% in gains.The price of $PUMP has fallen below its private sale level of $0.004. Here’s how whales are faring:1. ICO metrics: Among 10,145 successful presale buyers: 12.7% still hold. 31.6% have sold on DEX.Only 2.7% accumulated more.53% moved the tokens to new wallets… pic.twitter.com/gUZ4tTVLif— Spot On Chain (@spotonchain) July 23, 2025Others haven’t fared as well. Wallets “8UHpWB” and “9Ucygi” both bought in for $80 million. They’re now down over $6 million each. Wallet “2WHL4X” took a smaller position but is facing a $3.1 million drop.One of the most watched players, Machi Big Brother, holds a 5x leveraged position on PUMP. His entry was 3.55 billion tokens. Right now, he’s down $4.06 million. As prices continue to dip, the risk of a forced liquidation grows.The use of leverage in a falling market adds another layer of volatility. Many retail traders are tracking this wallet closely, knowing that large moves could trigger more downside.Buybacks Slow as Fees DropPump.fun’s fee wallets bought back 3.34 billion PUMP tokens over the last week. These purchases were made using SOL, totaling just under $20 million. But the pace has slowed down noticeably. The wallets still hold about $253 million in SOL.This drop-off raises questions. Will the team resume aggressive buybacks? Or has confidence faded with the falling price?Despite the recent drop, some believe a bottom may be in. Crypto analyst Captain Faibik suggested a rebound could be near. However, most data shows steady outflows and muted momentum. Trading volume remains high, but direction is unclear.$PUMP seems like bottomed out & looks primed for a strong Rebound…#Crypto #PUMP #PUMPUSDT pic.twitter.com/3ykoUEARv9— Captain Faibik (@CryptoFaibik) July 23, 2025At press time, PUMP is trading at $0.003778. That’s down over 42% in the past week. Although a slight 24-hour gain of 2.6% shows some buying, the trend is still downward. For now, the market watches. The post Pump.fun’s PUMP Price Falls Below Presale Level: Here’s Why appeared first on Blockonomi.