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Strong Weekly Rally Driven by Token Buyback
According to crypto.news, Pump.fun’s native token PUMP surged 40% over the past week, trading at $0.0045 and marking a 73% increase from its August low. The token’s daily trading volume reached $466 million, with its market capitalization exceeding $1.62 billion at press time.
This rally was largely fueled by Pump.fun’s buyback of nearly $12.2 million worth of PUMP tokens from the open market. Token buybacks typically reduce circulating supply, creating scarcity that can support price increases.
Project Ascend and Investor Interest Boost Momentum
PUMP also gained attention after briefly surpassing Hyperliquid, a decentralized exchange and Layer 1 blockchain, in 24-hour revenue on September 4.
Further strengthening the token’s prospects is Pump.fun’s strategic initiative, Project Ascend, launched on September 2. This program aims to empower creators on the platform, scale the ecosystem by 100 times, and enhance the longevity of memecoins issued through Pump.fun.
Whale Activity Indicates Growing Confidence
Data from Nansen highlights increased demand from whales and public figures. Whale-held tokens rose from 21.95 billion on August 29 to 22.53 billion at press time, while holdings by influential public figures grew by 8% to nearly 479 million tokens.
Such accumulation often triggers heightened interest from retail investors, who may buy in driven by fear of missing out (FOMO), further influencing price dynamics.
Technical Setup Points to Potential Breakout
On the 4-hour chart, PUMP has traded within an ascending parallel channel since early September. The token is nearing a crucial resistance at $0.0046, which must be surpassed to confirm further upward momentum.
Additionally, a recent golden cross—where the 50-day simple moving average crossed above the 200-day SMA—supports the outlook for continued gains.
If PUMP breaks above $0.0050, the next target could be $0.0058, aligning with the 161.8% Fibonacci extension, roughly 29% above current levels.
[…] PUMP token itself has also faced downward pressure. According to BeInCrypto Markets Data, PUMP […]