Crypto
$PUMP Sees $8.3M in Liquidations Amid Intense Selling Pressure
Pump.fun's token, $PUMP, has seen intense selling pressure following a weak jobs report that hit the broader crypto market.
The price of $PUMP faced rejection at $0.0061 and fell to $0.0054, with over 55% increase in trading volume to $605 million, indicating higher sell-side activity.
A total of $8.3 million worth of longs were liquidated compared to just $0.7 million in shorts, according to CoinGlass data.
The intense selling pressure has led to a decline in the Futures Netflow by 237% to -$10.7 million, a clear sign of aggressive selling.
However, spot traders have held steady, with buyers turning stubborn and buying more despite the price drop, according to Coinalyze data.