PUMP Token Demand Surges Despite Bearish RSI Divergence
PUMP Token– The memecoin platform token Pump.fun (PUMP) is quickly gaining ground in the crypto market. At the time of writing, it held a market capitalization of $2.33 billion, with just 35.4% of its total supply in circulation. Based on full supply, its fully diluted valuation (FDV) stands at an estimated $6.58 billion. This rapid rise has propelled the token into the top 65 on CoinMarketCap, currently ranking 44th.
PUMP’s initial coin offering (ICO) was completed in just 12 minutes on Saturday, July 12. The public sale raised $600 million, and when combined with private funding rounds, total proceeds may have reached $1.32 billion — signaling intense market interest and demand.
Open Interest Spikes, Indicating Bullish Sentiment
According to Coinalyze, Open Interest (OI) for PUMP jumped 8.85% in the last 24 hours, pushing aggregated OI to $937.7 million — an unusually large figure for a newly launched token. This suggests traders are positioning heavily in anticipation of further upside.
On the 30-minute chart, price broke past short-term resistance at $0.006, flipped the zone into support, and rallied another 13% within four hours. Despite this bullish momentum, the Relative Strength Index (RSI) showed a bearish divergence, hinting at a potential pause. Shortly after, PUMP retraced by 2.7%, possibly forming a base around $0.0065.
The On-Balance Volume (OBV) trend remained upward, reflecting steady accumulation by buyers. While short-term price action remains promising, market participants are likely to debate the broader implications of the memecoin launch platform in the months ahead.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
