On-chain data tracking shows that a large investor has been frantically buying PUMP tokens from Binance over the past three months. Specifically, from mid-September to early November, this whale address has accumulated over 3.8 billion PUMP, with a total cost of nearly $20 million, and an average cost price of just over $0.005.

So what happened? In the last three days, this guy threw all his chips into FalconX and wanted to run away. The price had already been nearly halved — 3.8 billion Tokens only exchanged for 7.3 million USD. The paper loss directly broke the 12 million mark.

The interesting part of this operation is that the timing was not particularly good. During the few months from building the position to clearing it, the market fluctuations caused this large amount of capital to suffer a huge loss. This also serves as a reminder to many participants - even for Whale-level Large Investors, the timing risk in small coins is real.