Key Points
- Pump.fun (PUMP) token has seen a 10% surge in the last 24 hours, taking its weekly gains to almost 30%.
- A major whale has recently withdrawn 1.29 billion PUMP tokens from Binance, equivalent to about $6.39 million.
In the last day, the Pump.fun (PUMP) token has observed a 10% increase, which brings its total weekly gains to around 30%. This has pushed its market cap up to $1.8 billion, ranking it among the top 50 cryptocurrencies by valuation.
Data from Onchain Lens reveals that a significant whale recently pulled out 1.29 billion PUMP tokens from Binance, which is approximately worth $6.39 million. This same wallet now has 3.3 billion PUMP, valued at $16.38 million, collected over the past fortnight.
The Buyback Strategy of Pump.fun
The rally of PUMP token has been fueled by its buyback strategy. In just three months, the figures have surpassed the $150 million mark.
The platform has repurchased about 9.6% of its total token supply, making it one of the most heavily backed assets in the Solana ecosystem. This puts it in second place, only behind Raydium, whose lifetime buybacks exceed $200 million.
With cumulative revenue exceeding $818 million and daily earnings averaging nearly $1 million, the platform is reinvesting its profits directly into ecosystem growth. This includes the acquisition of Padre, a multichain trading terminal.
Market Dominance and Expansion of Ecosystem
Recently, Pump.fun has made several additions to its ecosystem, including the launch of PumpSwap, Pump Screener, and the acquisition of Padre. The platform currently accounts for nearly all token graduations on Solana.
Interestingly, after briefly losing ground to Four.meme during the Binance Smart Chain meme coin boom, the meme coin generator lost its dominance. However, with the integration of Padre, Pump.fun has reclaimed the top position in both revenue and user engagement.
Analysis of PUMP Price: Bullish Breakout on the Horizon
The daily chart of PUMP shows that the token is trying to break out of a descending channel pattern. The price currently trades near $0.00509, testing resistance around the upper channel boundary.
The RSI reads 56.17, indicating neutral momentum while the MACD shows increasing buyer strength. If PUMP closes above the $0.00520 resistance, it could confirm a breakout toward the next targets at $0.0060 and $0.0075. On the other hand, immediate support sits at $0.0041, followed by a stronger base near $0.0030.
Continued buybacks and whale accumulation could drive PUMP toward its next major psychological resistance at $0.0080, potentially making it the next big crypto in 2025.
