2月25日消息，memecoin 启动平台 Pump.fun 的原生代币 PUMP 正面临明显抛压，过去24小时价格下跌约9.5%，同时伴随大规模资金撤离，市场风险情绪显著升温。数据显示，单日约有9947万美元资金流出，使其市值从约7.15亿美元迅速回落至6.15亿美元，流动性收缩迹象愈发明显。
从交易结构来看，成交量在价格下跌过程中反而放大，这一“放量下跌”通常被视为强烈抛售信号，意味着卖方占据主导地位并持续压制买盘需求。在资金持续外流的背景下，市场深度下降，短期波动率可能进一步扩大。
衍生品市场数据释放更偏空的信号。未平仓合约在24小时内下降约4%，显示部分资金正在撤离杠杆市场，而当前仍存续的约1.46亿美元永续合约中，空头仓位占比上升。与此同时，加权平均资金费率降至-0.0054%，表明交易者整体更倾向于押注价格继续下行，空头情绪逐步强化。
技术面方面，PUMP价格已逼近0.0067美元至0.0083美元的关键支撑区间，该区间成为短期多空分水岭。一旦有效跌破，价格或向0.0056美元附近的历史低位区域寻求新的流动性支撑。即便出现反弹，若形成更低高点结构，仍可能延续下行趋势。此外，MACD指标已出现死叉，动能指标转弱进一步削弱反弹预期。
链上基本面同样承压。Artemis数据显示，平台日活跃地址数从约18万降至14.7万，减少约3.3万，用户参与度明显下滑。作为依赖生态交易活跃度的代币，需求端降温直接影响其价格表现。与此同时，Launchpad交易量降至约6600美元，平台手续费更从2月23日的78.16万美元骤降至零，收入模型短期失去支撑。
链上活跃度下降、资金持续流出以及衍生品空头集中，三重压力叠加，使PUMP在关键支撑位附近面临更大的下破风险，短期走势仍偏弱。
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