According to on-chain analyst Ember's monitoring, after pump.fun Lianchuang said there would be no airdrops in the near future, the price of PUMP fell from $0.0039 to $0.0031.
Just one and a half hours before the drop, an institution transferred all 3.75 billion PUMPs (worth $14.3 million) to Coinbase Prime for a loss. The institution had previously used 15 million USDC to privately acquire these PUMPs at a price of $0.004.
This operation caused the institution to lose $700,000 on PUMP (the current value of the 15 million USDC investment has shrunk to $14.3 million).