{"id":1542,"date":"2025-07-15T12:21:04","date_gmt":"2025-07-15T04:21:04","guid":{"rendered":"https:\/\/aiwiselnk.com\/?p=1542"},"modified":"2025-07-15T12:32:53","modified_gmt":"2025-07-15T04:32:53","slug":"chain-explorationpump-pre-sale-perhaps-just-a-carnival-for-the-minority","status":"publish","type":"post","link":"https:\/\/aiwiselnk.com\/index.php\/2025\/07\/15\/chain-explorationpump-pre-sale-perhaps-just-a-carnival-for-the-minority\/","title":{"rendered":"Chain Exploration&#8221;PUMP Pre-sale: Perhaps Just a Carnival for the Minority&#8221;"},"content":{"rendered":"\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/07\/Chain-Exploration_PUMP-Pre-sale_-Perhaps-Just-a-Carnival-for-the-Minority_.mp3\"><\/audio><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Pump.fun Token Presale: A Carnival for the Few?<\/h3>\n\n\n\n<p>The biggest buzz in the Web3 space these past few days has been the token presale of meme launch platform Pump.fun! After much anticipation, the PUMP token presale kicked off on July 12 and sold $500 million worth of tokens in just 12 minutes. It\u2019s a stark reminder: the market isn\u2019t short of money\u2014it\u2019s short of \u201cbig projects\u201d that make capital act decisively.<\/p>\n\n\n\n<p>Yet, behind this seemingly lively presale lies a lot of \u201cdisappointment.\u201d<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">CEX Participation: Mixed Fortunes?<\/h4>\n\n\n\n<p>According to Pump.fun\u2019s official data, several centralized exchanges (CEXs) that previously announced presale partnerships ended up with <strong>0%<\/strong> of the total presale\u4efd\u989d. The remaining CEXs with data\u2014Kraken, Kucoin, and Gate\u2014collectively accounted for only about 10% of total\u9884\u552e\u4efd\u989d.<\/p>\n\n\n\n<p>More striking is the participation numbers:<br>\n&#8211; Kraken, the CEX with the largest share, saw <strong>only 2 participants<\/strong> take home $30 million;<br>\n&#8211; Gate had 15 participants, totaling $5 million;<br>\n&#8211; Kucoin fared slightly better with 120 participants, totaling nearly $16.5 million.<\/p>\n\n\n\n<p>Combined, these three exchanges had fewer than 140 participants\u2014and the actual number is likely lower if \u201cone person, multiple addresses\u201d are considered. No wonder many users hoping to join via CEXs ended up empty-handed.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Retail Investors on Official Site: Most Spent Only $500?<\/h4>\n\n\n\n<p>Did retail investors who participated directly on the official site strike it rich? The data might cool that excitement\u2014<\/p>\n\n\n\n<p>Overseas data platform Blockworks reports 10,000 unique addresses participated in the presale, with a <strong>median purchase of ~$540<\/strong> (the median avoids skewing by whales). In other words, most retail investors actually spent around $500, far less than the \u201cregret over missing out on hundreds of thousands\u201d narrative on social media.<\/p>\n\n\n\n<p>In contrast,\u5927\u6237 dynamics tell a different story: 202 wallets bought over $1 million, and 138 bought over $500,000. Notably, <strong>45% of participating addresses were new wallets created less than 24 hours prior<\/strong>, while wallets older than a year accounted for less than 5%. This seems to confirm community speculation: whales may bypass purchase limits by\u6279\u91cf creating new wallets, leaving long-term retail investors as \u201cexit liquidity.\u201d<\/p>\n\n\n\n<p>In terms of funding sources, besides independent addresses, <strong>most funds were withdrawn from Binance<\/strong> (exceeding the total from all other CEXs combined), with Solana DeFi protocols like Raydium and Jupiter also contributing significantly. All told, independent addresses + DEXs accounted for over 60% of funds, with CEXs under 30%\u2014showing that more direct participation channels (fewer intermediaries) boost user engagement, explaining why CEXs are rushing to integrate \u201con-chain direct presale\u201d features.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Edge Walkers: Cool Thoughts Behind the Hype<\/h4>\n\n\n\n<p>What looks like a \u201cdecentralized presale\u201d reveals centralization in the data: low-cost creation of new wallets, failed CEX channels, and a few individuals controlling large shares\u2026 This presale feels more like an \u201celite game\u201d than an inclusive community opportunity.<\/p>\n\n\n\n<p>As Bitcoin hits new highs and market FOMO rises, ordinary retail investors often find themselves as \u201cedge walkers\u201d in the data. Behind the hype of chasing the \u201cnext 100x coin,\u201d perhaps we should ask: Who\u2019s celebrating, and who\u2019s left disappointed?<\/p>\n\n\n\n<p><a href=\"https:\/\/www.odaily.news\/post\/5205036\">Read More\u300aPUMP\u9884\u552e\uff0c\u6216\u8bb8\u53ea\u662f\u5c11\u6570\u4eba\u7684\u72c2\u6b22\u300b<\/a><\/p>\n\n\n\n<p>This content is AI-generated and does not constitute investment advice. Please exercise your own rational judgment.<\/p>\n\n\n\n<p><a href=\"https:\/\/dzdt.online\/index.php\/2025\/07\/15\/%e9%93%be%e4%b8%8a%e6%8e%a2%e7%b4%a2%e3%80%8apump%e9%a2%84%e5%94%ae%ef%bc%8c%e6%88%96%e8%ae%b8%e5%8f%aa%e6%98%af%e5%b0%91%e6%95%b0%e4%ba%ba%e7%9a%84%e7%8b%82%e6%ac%a2%e3%80%8b\/\">\u94fe\u4e0a\u63a2\u7d22\u300aPUMP\u9884\u552e\uff0c\u6216\u8bb8\u53ea\u662f\u5c11\u6570\u4eba\u7684\u72c2\u6b22\u300b<\/a><\/p>\n\n\n<ul class=\"wp-block-latest-posts__list wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/08\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8808%e6%97%a5%ef%bc%88%e5%91%a8%e4%b8%89%ef%bc%89%ef%bc%9a2026%e5%b9%b4%e5%a4%a7%e5%ad%a6%e7%94%9f%e5%88%9b%e6%96%b0\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670808\u65e5\uff08\u5468\u4e09\uff09\uff1a2026\u5e74\u5927\u5b66\u751f\u521b\u65b0\u521b\u4e1a\u8bad\u7ec3\u8ba1\u5212\u9879\u76ee\u63a8\u8350\u6392\u5e8f\u516c\u793a\u30012026\u5e74\u5927\u5b66\u751f\u521b\u65b0\u521b\u4e1a\u8bad\u7ec3\u8ba1\u5212\u9879\u76ee\u63a8\u8350\u6392\u5e8f\u516c\u793a<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/07\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8807%e6%97%a5%ef%bc%88%e5%91%a8%e4%ba%8c%ef%bc%89%ef%bc%9a%e6%9c%80%e9%ab%98%e6%89%b6%e6%8c%8150%e4%b8%87%e5%85%832026\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670807\u65e5\uff08\u5468\u4e8c\uff09\uff1a\u6700\u9ad8\u6276\u630150\u4e07\u5143!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879&#8230;\u3001\u771f\u91d1\u767d\u94f6\u6765\u5566!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879\u76ee\u4eca&#8230;<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/06\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8806%e6%97%a5%ef%bc%88%e5%91%a8%e4%b8%80%ef%bc%89%ef%bc%9a%e7%9c%9f%e9%87%91%e7%99%bd%e9%93%b6%e6%9d%a5%e5%95%a62026\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670806\u65e5\uff08\u5468\u4e00\uff09\uff1a\u771f\u91d1\u767d\u94f6\u6765\u5566!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879\u76ee\u4eca&#8230;\u3001\u771f\u91d1\u767d\u94f6\u6765\u5566!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879\u76ee\u660e&#8230;<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/05\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8805%e6%97%a5%ef%bc%88%e5%91%a8%e6%97%a5%ef%bc%89%ef%bc%9a%e6%af%9b%e5%ad%a9%e5%ad%90%e4%b9%9f%e6%9c%89%e6%90%ad%e5%ad%90\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670805\u65e5\uff08\u5468\u65e5\uff09\uff1a\u6bdb\u5b69\u5b50\u4e5f\u6709\u642d\u5b50\u4e86\u2014\u2014\u5ddd\u5927\u5b66\u751f\u7814\u53d1\u4f34\u5ba0\u673a\u5668\u4eba,\u62ff\u4e0b\u5168&#8230;\u3001\u6700\u9ad8\u6276\u630150\u4e07\u5143!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879&#8230;<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2025\/12\/09\/startup-commentarythree-post-2005-entrepreneurs-are-reported-to-have-secured-a-new-financing-of-350-million-yuan\/\">Startup Commentary&#8221;Three post-2005 entrepreneurs are reported to have secured a new financing of 350 million yuan.&#8221;<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>What looks like a \u201cdecentralized presale\u201d reveals centralization in the data: low-cost creation of new wallets, failed CEX channels, and a few individuals controlling large shares\u2026 This presale feels more like an \u201celite game\u201d than an inclusive community opportunity.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[9],"class_list":["post-1542","post","type-post","status-publish","format-standard","hentry","category-xiaotongcolumn","tag-chainexploration"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - 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