Key Takeaways
Why did Pump.fun drop this week?
The token fell 12% as DEX users declined and $11.3 million in PUMP outflows hit on-chain data.
What’s hinting at PUMP’s rebound?
CoinGlass showed heavy liquidity near $0.0046, a zone where short-covering rallies often emerge.
Pump.fun [PUMP] experienced one of the steepest declines in the market, dropping 12% as sentiment shifted notably.
While this decline may signal extended weakness, on-chain and Derivatives data suggest a possible reversal is already forming.
Network activity climbs again
On-chain data showed a significant increase in user participation on the Pump.fun protocol. According to the latest data from Artemis, the number of transaction users on the protocol surged to 110,200.
This increase doesn’t necessarily indicate a clear bullish or bearish trend; rather, it reflects a mixed dynamic in the market. Notably, the Transaction Volume Count during this period jumped to $1.5 million, suggesting a surge in trading activity on the platform.
Source: Artemis
However, given the prevailing bearish tone, most of these transactions likely came from sellers reducing exposure.
Even so, Total Value Locked (TVL) data implied that heavy selling pressure persisted, with roughly $11.33 million worth of PUMP withdrawn in 24 hours.
Diverging sentiment between CEX and DEX investors
A widening gap has formed between decentralized and centralized exchange sentiment.
Reports show that Spot DEX investors maintained a bearish stance, reflected in a simultaneous decline in both users and transactions.
Transactions fell to $8.4 million, involving just 221,000 users. When key metrics like these drop, it typically indicates that investors are disengaging from the market, likely after selling off their holdings.
Source: Artemis
In contrast, Spot investors on centralized exchanges continued accumulation. CoinGlass data revealed that at press time, investors spent $3.11 million purchasing PUMP—following $35.85 million in buys during the week ending October 27.
This divergence highlights uncertainty in short-term sentiment but also signals where liquidity could rotate next.
Revenue dips slightly amid cautious optimism
Pump.fun’s Total Revenue slipped slightly to $1.4 million, down from $1.5 million on the 31st of October. Still, Cumulative Monthly Revenue reached $41.9 million, while protocol Fees totaled $84.7 million, keeping network health intact.
On top of that, CoinGlass liquidation data revealed dense liquidity bands above the 0.0044–0.0046 range on the PUMP/USDT pair.
Historically, such clusters acted as magnets for short-term rallies as prices moved to fill those gaps.
Source: CoinGlass
This setup supports a cautiously bullish near-term view. The recent sell-off appears more corrective than structural, suggesting PUMP could stabilize before attempting a broader recovery.
