Pump.fun’s native token, PUMP, jumped 10% over the past 24 hours to trade at $0.00338 as the platform sees a sharp resurgence in activity.
Summary
- PUMP is up 9%, trading at $0.00338 with a $1.19B market cap.
- Pump.fun led in 24h token launches and volume, per Dune data.
- Technicals show bullish momentum, but resistance looms.
Pump.fun (PUMP) is now up 23% in the past week, with a 7-day range between $0.00246 and $0.00339. Its market cap currently stands at $1.19 billion, with a fully diluted valuation of $3.36 billion.
Spot trading volume for PUMP hit $508 million over the past 24 hours, a 10% rise from the previous day, indicating growing market activity. On the derivatives side, open interest rose 4.38% to $512.9 million, while derivatives trading volume ticked up 1.68% to $1.44 billion, as per Coinglass data.
Although there hasn’t been an aggressive change in leverage or direction yet, rising open interest and modest volume growth indicate that traders are becoming more confident as they build new positions.
Pump.fun edges ahead in new memecoin launches
As of Aug. 6, Dune Analytics data shows that Pump.fun had surpassed LetsBonk in terms of daily token creation, launching 13,690 new tokens in the last day as opposed to LetsBonk’s 13,392. With $89 million compared to LetsBonk’s $81 million, Pump.fun also had the highest daily trading volume.
However, LetsBonk continued its lead in terms of revenue generation and token graduation count. It brought in $831,472 as opposed to $716,209 for Pump.fun, and 139 tokens “graduated,” which is more than Pump.fun’s 117.
The two platforms are still in fierce competition, and it’s uncertain if Pump.fun’s resurgence will last. To increase user engagement and liquidity, Pump.fun is reportedly working on a PUMP incentives program. The project needs to manage changing regulatory expectations, enhance token utility, and address scam risks in order to maintain its momentum.
PUMP technical analysis
PUMP is testing the upper Bollinger Band on the 4-hour chart as it continues its upward relative strength index trend, which is currently approaching overbought territory at 66.89. The price is still above both the 10- and 20-day moving averages, indicating bullish short-term momentum.
Momentum is positive, and the Stochastic RSI has hit 100, indicating strong buyer interest but also pointing to a potential short-term cooling off. The price has been gradually climbing with higher lows, showing signs of a slow breakout setup.
If PUMP breaks above the $0.0034 resistance with rising volume, it could trigger a sharper rally. Failure to maintain this level might lead to a retest of support near $0.00305, especially if volume and engagement drop further.
