Pump.Fun (Pump) has seen a markedly surge in price and value since its recent launch. Within just 12 hours, the token saw an impressive 16% rise and reached a market valuation of $2.3 billion.
The initial success of the token was attributed to strong investors’ interest, with pumps worth $500 million being sold in 12 minutes.
Pumps have gained strong demand
Pump.Fun’s ratings surged in just two days, reflecting a surge in demand. Just 48 hours after its launch, Altcoin has attracted 45,500 holders. For comparison, the Meme Coin SPX6900, available for over a year, only has 43,600 owners.
As pumps continue to gain traction, market sentiment for tokens is becoming overwhelmingly positive. Investors flock to their assets and recognize the potential for great growth. The rapid accumulation of holders is causing prices to rise.
The macro momentum behind Pump.Fun cannot be denied, especially in the derivatives market. With open interest in pumps approaching $913 million, it is well on track to reach the $1 billion mark by the third day of its launch.
The influx of investors and traders reflects not only FOMO but also the growing belief in the long-term potential of pumps. With increasing amounts of capital flowing into the token derivatives market, it is clear that Pump.Fun is attracting a lot of attention from both retail and institutional investors.
Pump Price Find Support
The pump price is $0.0065 after bounces back a support level of $0.0063. The token has increased by 16% over the past 12 hours, indicating strong demand for pumps. Given the ongoing momentum and investor confidence, the token could continue to push upwards in the near future.
With current market conditions and growing support, the pump could break the resistance of $0.0067 and reach $0.0070 in the coming days. This marks a significant achievement for Altcoin and continues its impressive upward trajectory.
However, if the pump faces sudden waves of sales or a bearishness in the wider market, the token could lose its support level of $0.0063. This below-point reduction is likely to cause the pump to slip to $0.0060, negating bullish outlook and signaling a potential market correction.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
