Significant wallet activity has triggered a wave of liquidations for the PUMP token, the native cryptocurrency of the Pump.fun platform. Over a 23-hour period, wallets linked to Pump.fun executed large, consistent swaps, converting billions of PUMP tokens into USDC. According to on-chain data from OnchainLens and Solscan, the wallet "77DsB" sold its entire 3.75 billion PUMP holdings for $8.02 million in USDC at an average price of $0.0021.
A related wallet, "GpCfm," transferred 1.21 billion PUMP (worth approximately $2.57 million) to the Bitget exchange while still retaining 3.54 billion PUMP (≈$7.4 million). The transactions involved multiple large swaps, ranging from 6.18 million to 14.12 million PUMP tokens each, converting to USDC amounts between $12,978 and $29,657. This pattern indicates a coordinated and methodical exit strategy rather than random market selling.
Market sentiment across exchanges appears divided. Data from Coinglass shows Binance traders are generally cautious, with an overall long/short ratio of 0.4995 favoring short positions. However, top traders on Binance exhibit a bullish ratio of 2.1824. In contrast, OKX market participants are optimistic, with a long/short ratio of 1.63.
Liquidation data underscores the prevailing risk for bullish positions. Over the past 24 hours, $88.85K in long positions were liquidated compared to just $9.76K in shorts. This dominance of long liquidations highlights growing volatility for PUMP holders.
Despite the sell-off pressure, PUMP's price has shown resilience. The token is trading at $0.0021, up nearly 6% in 24 hours, having successfully defended a key support level at $0.0019. This rally occurs against a backdrop of declining ecosystem metrics. The Total Value Locked (TVL) in Pump.fun smart contracts has fallen from a record $335 million in September to an average of $172 million. Platform revenue has also dipped, from $1.63 million on Tuesday to $1.48 million on Wednesday.
Technically, PUMP remains below its key 50-day EMA ($0.0024) and 100-day EMA ($0.0027). The immediate bullish target is the weekly high of $0.002386, while a break below $0.0020 could trigger a drop toward $0.0017. Futures Open Interest stands at $170 million, a significant drop from the $1.23 billion peak in September, indicating reduced trader participation.
