The native token of memecoin launchpad Pump.fun, PUMP, faces intensified selling pressure with a 9.5% price drop in 24 hours. Approximately $99.5 million exited its market capitalization, pushing it from $715 million to $615 million. On-chain data shows a sharp decline in platform users and revenue, while derivatives metrics indicate a dominant bearish bias as the token tests critical support.
The token for the memecoin launchpad Pump.fun declined 9.5% amid heavy capital outflows, signaling intensifying market selling pressure. This drop contributed to a significant drawdown in the asset’s market valuation.
Data revealed approximately $99.5 million exited within a day, pushing the market cap from $715 million to $615 million. Rising trading volume alongside the falling price often signals aggressive selling activity that can accelerate declines.
In derivatives markets, Coinglass data showed Open Interest declined by 4%, indicating liquidity exiting. The weighted average funding rate was -0.0054%, suggesting traders are allocating more capital to short positions anticipating further downside.
PUMP was trading near a critical support zone between $0.0067 and $0.0083 at press time. A failure to rebound from this level could extend the decline toward lows last seen in December, potentially reaching approximately $0.0056.
Momentum indicators reinforced the bearish outlook, with the Moving Average Convergence Divergence forming a bearish crossover. This structure, often called a “death cross,” typically precedes additional downside price movement.
Data from Artemis highlighted a drop in daily active users on the platform from 180,000 to 147,000. A sustained decline in user activity often corresponds to weaker demand for the platform’s native token.
Launchpad performance also deteriorated sharply, with volume falling to just $6,600. Platform fees collapsed from a high of $781,600 to $0 as of February 23.
