It was always likely that ICO participants that were looking for a quick flip on $PUMP post-TGE would likely be caught off guard. It seems to me that these participants have experienced significant churn within the first week of the token launch, and have capitulated to longer term buyers. - 30% of the $500M sold onchain (~$150M in flow) - 50% of the $500M transferred to diff wallets (~$250M in flow, out of which it is highly probable that most of this has hit the orderbooks) In addition to this, it seems like some of the large institutional participants have also sold a large chunk of their position between 5B and 6.5B - I have no proof, but it seems like Polychain. Polychain not being in a token, is good for the token. Fund 1: Fund 2: A lot of the ICO overhang seems to have passed us sooner rather than later, post-TGE jitters seem to have speedrun over the last week, and we have longer term participants in the token, who are willing to bet on the *future* of PUMP, not the past. As they scale up their expansion efforts (you cannot expect them to announce everything in a week), and the market gets used to more consistent buybacks (25% of daily fees), we can expect price to start reflecting a more optimistic growth outlook than it did in the first week of trading. $PUMP