Pump.Fun (PUMP) has experienced a remarkable surge in price and value since its recent launch. Within just 12 hours, the token saw an impressive 16% rise, reaching a market valuation of $2.3 billion.
The token’s initial success is attributed to strong investor interest, with $500 million worth of PUMP sold in 12 minutes.
PUMP Has Gained A Strong Demand
The valuation of Pump.Fun has skyrocketed in just two days, reflecting a surge in demand. In only 48 hours since its launch, the altcoin has amassed 45,500 holders. For comparison, meme coin SPX6900, which has been available for over a year, has only 43,600 holders.
As PUMP continues to gain traction, the token’s market sentiment is shaping up to be overwhelmingly positive. Investors are flocking to the asset, recognizing its potential for significant growth. The rapid accumulation of holders is pushing the price higher.
The macro momentum behind Pump.Fun is undeniable, particularly in the derivatives market. With open interest in PUMP nearing $913 million, it is on track to hit the $1 billion mark by day three of its launch.
The influx of investors and traders is not just due to FOMO but also reflects a growing belief in PUMP’s long-term potential. With more capital flowing into the token’s derivatives market, it’s evident that Pump.Fun has attracted significant attention from both retail and institutional investors.
PUMP Price Finds Support
PUMP’s price stands at $0.0065 after bouncing off the $0.0063 support level. The token has gained 16% in the last 12 hours, showing that the demand for PUMP is strong. Given the ongoing momentum and investor confidence, the token is likely to continue pushing upwards in the near future.
With the current market conditions and growing support, PUMP could breach the $0.0067 resistance and reach as high as $0.0070 in the coming days. This would mark a significant achievement for the altcoin, continuing its impressive upward trajectory.
However, if PUMP faces a sudden wave of selling or broader market bearishness, the token could lose the $0.0063 support level. A decline below this point would likely see PUMP slipping to $0.0060, invalidating the bullish outlook and signaling a potential market correction.
Disclaimer
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