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PUMP Token Rallies Amid Rising Interest in Pump.fun Platform
PUMP, the native token of the popular memecoin launchpad Pump.fun, soared by 10% in the past 24 hours, currently trading at $0.00338. This surge reflects renewed enthusiasm surrounding memecoins and intensified activity on the Pump.fun platform. Over the last week, PUMP posted an impressive 23% gain, with its price fluctuating between $0.00246 and $0.00339. With a market capitalization of $1.19 billion and a fully diluted valuation of $3.36 billion, PUMP continues to capture the attention of the crypto community.
Spot trading activity was particularly notable, with trading volume reaching $508 million over the past day—a 10% increase from the previous 24 hours—signaling growing engagement among memecoin traders. Derivatives markets mirrored this trend, as open interest climbed 4.38% to $512.9 million, while the derivatives trading volume rose 1.68% to $1.44 billion, according to data from Coinglass.
Despite an absence of aggressive leverage, the uptick in open interest and consistent trading volumes suggests that market confidence in PUMP is steadily increasing, with traders opening new positions and betting on further potential gains within the memecoin sector.
Pump.fun Surpasses LetsBonk in New Token Creation
Pump.fun sees a steep rise in daily token launches (Source: Provided)
Daily Memecoin Launch Race Heats Up
According to Dune Analytics data from August 6, Pump.fun recently overtook competitor LetsBonk in daily token launches, deploying 13,690 new tokens in a single day versus LetsBonk’s 13,392. Pump.fun also led in daily trading volume, amassing $89 million compared to LetsBonk’s $81 million. This strong momentum underscores Pump.fun’s growing influence in the memecoin ecosystem.
Nevertheless, LetsBonk maintained an edge in both revenue generation and the number of tokens that "graduated" to more established status. Revenue figures showed LetsBonk earning $831,472 compared to Pump.fun’s $716,209, and 139 LetsBonk tokens graduated, surpassing Pump.fun’s 117.
Ongoing Rivalry and Platform Developments
The rivalry between these two launch platforms remains fierce, and it is unclear if Pump.fun’s resurgence will be sustained long term. Industry insiders report that Pump.fun is planning to introduce a new incentive program for PUMP holders to boost user participation and liquidity on the platform. However, Pump.fun must still navigate regulatory uncertainties, enhance the utility of its token, and mitigate potential scam risks to maintain its current momentum.
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PUMP Token Technical Analysis
Technical indicators show PUMP is currently testing the upper Bollinger Band on the 4-hour chart, with its Relative Strength Index (RSI) approaching an overbought level at 66.89. The token price remains above both its 10-day and 20-day moving averages, highlighting continued bullish momentum in the short term.
Momentum remains favorable, with the Stochastic RSI signaling strong buyer activity at a reading of 100; however, this could also suggest the potential for a short-term cooldown. The price trend is supported by a series of higher lows, indicating a gradual breakout formation.
Should PUMP break above the key resistance level at $0.0034 with sustained volume, a stronger rally could follow. Conversely, a failure to hold this resistance might prompt a retest of supporting levels near $0.00305, especially if trading volume and user engagement wane.
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