Pump.fun (PUMP) stages a Lazarus-like recovery! After plumbing new depths just 48 hours ago, the token has surged almost 30%, slamming headfirst into a critical resistance barrier. Is this a dead cat bounce or the start of something bigger? One analyst is betting on the latter, suggesting the bottom is in, and a recovery rally is gaining momentum. Keep your eyes peeled!
PUMP Sees Rollercoaster Price Action
Pump.fun teetered on the brink Thursday, revisiting a critical support level after a brutal week. The token’s relentless slide, punctuated by a series of all-time lows, has transformed it from a market darling to a headline hazard.
PUMP ignited the crypto scene on July 14th, blasting off 70% from its $0.0040 ICO price and peaking at a dazzling $0.0068 just 48 hours later. But the party didn’t last. A wave of profit-taking from whale investors, coupled with underwhelming news about the promised token airdrop, quickly deflated the rally.
Pump.fun’s token, barely a week out of the gate, has already crashed below its initial offering price. The bleeding hasn’t stopped, either. Plunging past the $0.0030 barrier, the cryptocurrency scraped a new all-time low of $0.0028 last Thursday. The kicker? Co-founder Alon Cohen’s announcement that the promised PUMP airdrop is indefinitely on hold, adding fuel to the fire.
But the PUMP didn’t stop there. On July 29th, it cratered to a new rock bottom of $0.0022, a dizzying 70% plunge from its peak. Yet, like a phoenix refusing to stay down, PUMP is clinging to life, oscillating between $0.0024 and $0.0029. It’s tested the upper limits of this range three times in the last week, a desperate scramble to break free.
Pump.fun is staging a comeback! After bottoming out, the token has exploded nearly 30% in the last 48 hours, smashing through the $0.0030 barrier like a wrecking ball – a level it hasn’t seen in a week. Thursday’s trading frenzy saw a 12% price surge, briefly peaking at a weekly high of $0.0032 before settling back into the $0.0027-$0.0029 range. Is this the start of a sustained rally, or just a temporary pump?
Altcoin Sherpa sees potential for meme coin PUMP to skyrocket: “This thing’s been making some serious noise lately,” the analyst tweeted, hinting at a possible breakout fueled by a “hated rally” nobody sees coming. Get ready for PUMP to defy the doubters.
His earlier prediction painted a vivid picture: the market’s nadir arriving “relatively soon,” heralding an explosive “giga crime pump” surge.
Pump.Fun Buybacks To Fuel The Recovery?
PUMP token’s pulse is quickening, fueled by a potent cocktail: strategic buybacks and the rekindled flame of whale interest. Forget subtle tremors – we’re talking seismic activity. One investor, previously stung by a $125K loss on PUMP, dove back into the deep end, snapping up a staggering $3.16 million worth of tokens on Thursday alone. Lookonchain blew the whistle, revealing a leviathan of a whale swallowing $1.06 billion PUMP for 17,542 SOL at a price of $0.00297. Is this a dead cat bounce or the dawn of a new PUMP era?
Whispers in the crypto-verse suggest PumpFun has undergone a radical transformation, ditching its former skin and emerging as a token-gobbling machine. One eagle-eyed community member pointed out the seismic shift: “PumpFun’s laser focus is now solely on token buybacks. A staggering 98% of yesterday’s PumpFun/PumpSwap earnings fueled today’s PUMP acquisition frenzy.”
On-chain investigator EmberCNB unearthed a hefty transaction on July 30: Pump.fun moved 12,000 SOL (roughly $2.16 million) to its designated buyback wallet. This follows their repurchase program, launched on July 16 after the token soared to its all-time high.
Pump.fun unleashed a crypto tidal wave, initially diverting a staggering 187,770 SOL (roughly $30.53 million) from its fee reserves into a buyback vortex. The platform then devoured a colossal 3.828 billion PUMP tokens, fueled by a 129,100 SOL injection worth $21.5 million, shrinking the circulating supply in a bold market maneuver.
However, one X user slammed the initiative as “erratic,” painting a picture of impulsive buybacks driven by whims, not strategy. “It’s a terrible look,” they argued, dissecting the erratic pattern: “First, a splashy $10 million (exceeding revenue!), then silence. Next, a mere $1 million, followed by another halt. Now, a sudden 100%? They’re just playing a dangerous game, testing what grabs headlines before likely abandoning buybacks altogether.” This user implied a cynical motive: attention-seeking rather than genuine value creation.
As of this writing, PUMP is trading at $0.0027, a 7% decline in the weekly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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