Crypto
Pump.fun Token Price Falters as Retail Support Softens
Pump.fun's (PUMP) token price has been under downward pressure, trading near $0.0023 on Thursday after rejecting the $0.0026 supply zone on Wednesday.
This rejection led to a 10% decline in recent gains, weighing heavily on investor sentiment.
The Pump.fun derivatives market is also feeling the heat, with perpetual futures Open Interest averaging 78.55 billion PUMP on Thursday, down from 83.51 billion PUMP on Tuesday.
The platform revenue peaked at $1.57 million on Tuesday and cooled to $1.43 million on Wednesday, which plays a crucial role in the network's buyback program to reduce PUMP's circulating supply.