February 25 News: The native token PUMP of memecoin launch platform Pump.fun is facing significant selling pressure. Over the past 24 hours, its price has dropped approximately 9.5%, accompanied by a large-scale withdrawal of funds, indicating a notable increase in market risk sentiment. Data shows about $99.47 million in funds flowed out in a single day, causing its market cap to quickly fall from approximately $715 million to $615 million, with liquidity shrinking further.
From a trading structure perspective, trading volume has increased during the price decline, a phenomenon often seen as a strong sell signal, indicating that sellers are dominating and continuously suppressing buying demand. Against the backdrop of ongoing capital outflows, market depth has decreased, and short-term volatility may further expand.
Derivatives market data also signals a bearish outlook. Open interest has decreased by about 4% over 24 hours, indicating some funds are withdrawing from leveraged markets. Among the approximately $146 million in open perpetual contracts, short positions have increased. Meanwhile, the weighted average funding rate has fallen to -0.0054%, suggesting traders are generally betting on further price declines, with bearish sentiment gradually strengthening.
On the technical side, PUMP’s price has approached a key support zone between $0.0067 and $0.0083, which serves as a short-term bull-bear dividing line. If this support is broken, the price may seek new liquidity support near the historical low around $0.0056. Even if a rebound occurs, forming a lower high could continue the downward trend. Additionally, the MACD indicator has already shown a death cross, and weakening momentum further diminishes the expectation of a rebound.
On-chain fundamentals are also under pressure. Artemis data shows that daily active addresses on the platform have decreased from about 180,000 to 147,000, a reduction of approximately 33,000, indicating a significant decline in user engagement. As a token reliant on active ecosystem trading, cooling demand directly impacts its price performance. Meanwhile, Launchpad trading volume has fallen to about $6,600, and platform fees have plummeted from $781,600 on February 23 to zero, causing the revenue model to lose short-term support.
The combination of declining on-chain activity, continuous capital outflows, and concentrated short positions in derivatives all add to the risk of breaking below key support levels, making the short-term outlook still weak.
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