Pump.fun retreats 3% as open interest and TVL reach record highs
Key takeaways
- PUMP is down 3% on Wednesday after rallying nearly 13% the previous day.
- Futures Open Interest climbed to a record $258.62 million, indicating increased speculative positioning.
- The funding rate surged to 0.039%, reflecting a sharp shift toward leveraged long positions.
Pump.fun (PUMP) declines 3% on Wednesday as traders take profits following an almost 13% rally during the previous session.
Despite the pullback, derivatives data indicates that speculative demand continues to strengthen. PUMP futures Open Interest has risen to an all-time high of $258.62 million, while the funding rate has turned sharply positive.
Pump.fun's network metrics also show improving adoption. Total Value Locked (TVL) has reached a record 3.34 million SOL, accompanied by rising revenue and active addresses.
PUMP retains a mildly bullish technical outlook above $0.00300 as its 50-day and 200-day Exponential Moving Averages (EMAs) approach a potential Golden Cross.
PUMP Open Interest hits record high
Retail speculation in PUMP is increasing following the token's more than 40% advance since the beginning of August.
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