Cryptocurrency prices continue to fluctuate, with recent data indicating a decline in PUMP tokens below their private sale levels. Meanwhile, South Korean exchanges are actively adding new tokens, which also affects the market.
Decline of PUMP Price
According to Spot On Chain, PUMP's price has dropped below its private sale level of $0.004. Among the 10,145 investors who participated in the private sale:
* 12.7% still hold their tokens, * 31.6% have sold on decentralized exchanges (DEXs), * 2.7% increased their holdings, * 53% transferred tokens to new wallets.
The analysis shows that the decline of PUMP below its $0.004 private sale level reflects heavy selling pressure and weakening investor confidence. Despite raising $500M rapidly during its ICO, the immediate unlock of 33% of tokens triggered fast profit-taking, undermining price support.
New Tokens on South Korean Exchanges
According to Pulse News, South Korea's top five crypto exchanges — Upbit, Bithumb, Coinone, Korbit, and Gopax — have listed 229 new cryptocurrencies this year, accounting for 85.44% of the total 268 new listings for 2024. Both Upbit (37 tokens) and Bithumb (84 tokens) have already surpassed their full-year 2023 listing counts.
This growth in new token listings reflects continued retail enthusiasm in the South Korean cryptocurrency market. However, the surge in new listings may increase market volatility and complicate the identification of quality projects.
PENGU Token Transfers
In the past 24 hours, 226.6 million PENGU tokens ($9.05M) were transferred from the deployer address to centralized exchanges. Since July 12, a total of 1.81 billion PENGU tokens ($54.61M) have been moved to CEXs from the deployer wallet.
The continuous transfers of PENGU tokens from the deployer address to exchanges suggest the team may be preparing to boost market liquidity or announce new partnerships. However, large inflows to exchanges often trigger sell-off concerns, thus putting short-term pressure on the price.
Under current conditions, the cryptocurrency market shows signs of high volatility. The decline of PUMP and the increase in new tokens on South Korean exchanges indicate varied investment sentiments that could influence further price dynamics.