Blockchain analytics firm Bubblemaps has linked wallets associated with Hayden Davis to a large early distribution of the $PUMP token. This sheds new light on how supply entered the market shortly after launch.
In a thread published on 19 February, Bubblemaps said it traced activity across several connected Solana wallets. It identified one address that invested roughly $50 million USDC into Pump.fun and later received 12.5 billion $PUMP tokens at launch.
At the time, that allocation was valued at approximately $73 million, making the wallet the second-largest private sale participant in the project.
Early $PUMP transfers to exchanges
According to Bubblemaps’ analysis, around 80% of the tokens held by the wallet were transferred to centralized exchanges within days of launch.
The remaining balance was routed through a series of secondary wallets, which sold portions of the supply over time.
Based on onchain transaction history, Bubblemaps estimates the total realized profit from these sales at roughly $15 million.
While the firm noted that it could not confirm whether Pump.fun was aware of the wallet’s ownership at the time, it said the onchain links between the addresses and Davis were “clear and connected in multiple ways.”
The wallet had previously been flagged by independent analysts in mid-2025 as one of the largest early sellers of $PUMP, but had not been publicly attributed to an individual until now.
$PUMP holder growth diverges from price action
Onchain data suggests that the early distribution occurred as retail participation in $PUMP continued to expand.
Santiment data shows the total number of $PUMP holders rising steadily from mid-2025 through February 2026, climbing above 320,000 addresses. However, price action over the same period tells a different story.
Source: Santiment
TradingView data shows $PUMP peaking shortly after launch before entering a prolonged downtrend marked by lower highs and repeated sell-offs. Despite periodic rebounds, the token has failed to reclaim its early price levels, even as the holder base continued to grow.
Source: TradingView
This divergence between expanding ownership and weakening price structure is often associated with distribution phases, where early holders sell into incoming demand rather than accumulate alongside it.
Market impact, not allegations
Bubblemaps emphasized that its findings focus on wallet behavior and transaction flows, not intent.
The firm said it does not allege wrongdoing, but highlighted the importance of transparency around early token movements, particularly in high-velocity meme and launchpad ecosystems.
The firm added that similar patterns have become increasingly common across Solana-based launches, amplifying volatility for later participants.
At the time of writing, neither Hayden Davis nor Pump.fun had publicly responded to the findings.
Final Summary
- Onchain data links early $PUMP distribution to wallets associated with Hayden Davis
- $PUMP holder count continued to rise even as price trended lower
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