From 3 million to 1.47 million, this whale's PUMP tragedy

A whale deposited 75 million PUMP tokens into Hyperliquid, currently valued at $1.47 million, but this asset was purchased six months ago at a cost of up to $3 million. Selling now would result in a significant loss of $1.35 million. Behind this transaction, it reflects the market dilemma of the PUMP token and the current situation of early investors.

Whale’s Loss Dilemma

Specific loss data

According to Lookonchain monitoring, this whale spent 3 million USDC six months ago (around July 2025) to buy 75 million PUMP on the open market. The purchase price at that time was about $0.004. As of now (January 1, 2026), PUMP’s trading price has fallen to $0.001926, a decline of over 50%.

This whale chose to deposit these tokens into the Hyperliquid trading platform. This move is noteworthy. Depositing tokens usually indicates that whales are considering trading or hedging risks, but selling at the current loss would undoubtedly lock in this loss.

Market performance of PUMP token

PUMP is a token project operating on the Solana ecosystem, launched on May 14, 2025. In less than 8 months since its launch, PUMP has experienced significant volatility.

According to the latest data, PUMP’s market performance is as follows:

• Current Price: $0.001926
• Market Cap: $681.75 million, market share 0.02%
• 24-hour Trading Volume: $99.43 million
• Recent Price Changes: down 0.83% in 1 hour, up 1.32% in 24 hours, up 8.68% in 7 days, down 32.31% in 30 days

Notably, PUMP has fallen 32.31% over the past 30 days, indicating a clear downward trend in the recent month. Although there was an 8.68% rebound in 7 days, it is not enough to reverse the medium-term downward trend.

Market Signals and Reflection

Whale’s Intentions in Depositing Tokens

The whale depositing PUMP into Hyperliquid at this time could be interpreted in several ways:

• Preparing to sell during a rebound to reduce losses
• Using the exchange’s leverage features for hedging
• Waiting for market sentiment to improve before exiting
• Using it as collateral for borrowing operations

Whatever the intention, this indicates that the whale is taking action, possibly marking a critical moment for PUMP’s price.

Dilemma of Early Participants

The experience of this whale is a common predicament faced by early participants in the PUMP project. During the Solana ecosystem’s token boom, many large holders participated early, expecting to gain several times or even dozens of times returns. But the reality is that most projects experience rapid rise after launch and then fall into a long-term downtrend.

From $0.004 down to $0.001926, this whale witnessed the full process of PUMP from high to low. It also serves as a reminder to market participants that even big players cannot fully avoid market risks.

Summary

The PUMP tragedy of this whale essentially reflects several current realities of the crypto market:

First, even whales with substantial funds find it difficult to accurately grasp the long-term trend of a token. An investment of $3 million shrinking to $1.47 million in six months is not just a numerical change but a direct reflection of misjudging the market.

Second, as a new project on the Solana ecosystem, PUMP gained market attention at launch but faced long-term downward pressure after initial hype. This is a common fate for many new tokens.

Finally, the whale’s depositing behavior may indicate that market participants are adjusting their strategies. Whether for loss reduction or hedging, it signals a shift in market sentiment. For ordinary investors, observing whales’ on-chain movements can often help understand deeper market logic.