An institution incurred a $700,000 loss after selling PUMP tokens to Coinbase Prime. The sale occurred shortly before PUMP's price fell from $0.0039 to $0.0031, following an announcement by @pumpdotfun Lianchuang that no airdrops would occur in the near future. The institution had previously participated in a private placement, selling 3.75 billion PUMP tokens for 15 million USDC, and transferred the tokens, valued at $14.3 million, to Coinbase Prime.