Pump.fun revenue and DeFi TVL drop to $1.48 million and $172 million, respectively, amid cooling trading activity.
Pump.fun (PUMP) is edging lower alongside crypto majors like Bitcoin (BTC) and Ethereum (ETH), trading at $0.0019 at the time of writing on Thursday. The meme coin launch and trading platform’s native token marks three consecutive days in the red amid a deteriorating technical picture.
The notional value of all tokens in Pump.fun’s smart contracts averaged $172 million on Thursday, down from $178 million the previous day. DefiLlama data shows that the Total Value Locked (TVL) has gradually faded from $335 million, a record set in September.
This downtrend indicates that investors continue to lose confidence in PUMP and the ecosystem – a scenario that could be contributing to the extended sell-off. Traders withdraw their assets from smart contracts to sell, reducing risk exposure.
At the same time, the total revenue collected by the meme coin launchpad and trading platform has declined to $1.48 million as of Wednesday, from the $1.63 million recorded on Tuesday. The platform awaits Friday’s data to validate a steady downtrend or positively change its outlook.
The derivatives market also paints a grim picture, with futures Open Interest (OI) shrinking to $163 million on Thursday, down from $175 million the previous day. PUMP’s futures OI peaked at $1.23 in September, underscoring the capitulation of retail investors.
PUMP holds slightly below $0.0020 as sellers tighten their grip, in line with a deteriorating technical structure. The 50-day Exponential Moving Average (EMA) appears to cap rebounds at $0.0024, while the 100-day EMA is positioned above it at $0.0027.
A daily close below the immediate resistance at $0.0020 could see PUMP potentially accelerate its downtrend by 15% to $0.0017, a level tested as support on February 6.
Still, the Money Flow Index (MFI), an indicator that tracks the flow of money in and out of PUMP, has risen to 36, a level that suggests bullishness is on the cards. An increase toward the midline could mark a bullish transition and set PUMP on a recovery path above the 50-day EMA and the 100-day EMA.
