Pump.Fun's PUMP Token Drops 12.5% Amid Market Correction

The price of Pump.Fun's PUMP token dropped by 12.5% in 24 hours, trading at $0.004002. The platform's market capitalization sits at $1.659 billion. This comes after the token broke out of a rising channel on the 4-hour chart, with the Relative Strength Index (RSI) falling to 40.60.

The move is part of a larger correction in the market, with over $5.42 million in liquidations recorded in the last 24 hours. Longs took the hardest hit, accounting for $4.20 million of those losses.

Pump.Fun has continued to innovate, launching 20 new token pairs tied to stocks and other assets on Solana this week. The platform's mobile app was temporarily removed from the US and Indian iOS App Stores due to unspecified reasons, but the team expects it to return soon.