PUMP Token Soars Over 70%; Aggressive Buyback and Revenue-sharing Boost Price
PUMP, teh cryptocurrency token, has surged 70% over the past week. Its price currently stands at $0.0083, edging close to its all-time high of $0.0088. despite this rise, large investors, known as whales, have been selling off their holdings.
Whale wallets have reduced their PUMP holdings by 25% in just seven days. smart Money and public figure wallets have decreased by 48% and 9%,respectively. These sales typically trigger concern among retail investors, but so far, PUMP’s rally remains strong.
The primary driver behind PUMP’s climb? Its aggressive buyback program. Sence July, Pump.fun has repurchased $95 million worth of PUMP tokens. By reducing the circulating supply,this strategy aims to increase scarcity and boost prices.
PUMP also launched a creator revenue-sharing plan and reactivated its livestreaming feature. The platform now allocates half of its DEX revenue to builders, encouraging their activity.This week, creators received over $4 million, mostly first-timers.
Bullish news keeps piling up. PUMP is listed on Binance, and its mobile app playlists are trending.These factors enhance visibility and attract more investors.
Technically, PUMP forms an ascending parallel channel on the 4-hour chart. A golden cross, were the 50-day SMA surpasses the 200-day SMA, supports bullish sentiment. A positive MACD crossover reinforces this trend.
If PUMP stays within its channel, it could hit $0.01, a 20% increase. However, a dip below $0.007 could trigger a retreat towards $0.0065.
