Key Takeaways
- Pump.Fun token price rallies in the last 24 hours by over 30% generating strong buzz in Crypto Twitter
- PUMP token buyback gains strong bullish price action as investors’ interest in the token’s potential increases.
- Crypto expert drops technical analysis of recent Pump.Fun token rally as price breaks bearish trend.
The Pump.Fun team has just pivoted the PUMP token buyback program following the massive price dump of the Pump.Fun token in the last few days. After its launch, it generated much negative sentiment due to its price crash for a few days, and the news of its co-founder, Alon, circulating on Crypto Twitter (CT), with no airdrop plans.
The news of “no airdrop” plans in CT created a market dump among whales and investors, as many traders highlighted the Pump.Fun team never had the community at heart, with many threats of a potential port to a competitor platform, LetsBonk.
However, the recent rally in price for Pump.Fun token indicates the team is doing everything possible to see this token thrive and sustain its dream to make the memecoin space a strong force in the crypto space, as evidenced by the proposed token buyback.
Pump.Fun 100% Token Buyback Sparks Rally
Punp.Fun token has seen over 25% price gain in the past 24-hours following its significant buyback program pivoted by its team initially thought to be 25-30% but has been confirmed by on-chain crypto trader and analyst Adam to be 100% buyback with its revenue gained through memecoin activities as this has impacted on its price to the upside for the Solana memecoin token PUMP.
Crypto on-chain analyst Simon also commended the recent 100% buyback by Pump.Fun, that this initiative could open things up for the PUMP token and make things interesting for holders and traders.
The crypto expert further shared his take that the ICO of PUMP has been a disaster following a huge price crash, and many investors and whales pulling their liquidity have made things complicated for the PUMP token. Still, the 100% buyback is a good step to take, as this would achieve the following for the team:
- Sentiment switches
- People feel there’s a price floor
- More incentives to trade on Pump
- Revenue + market share up
- Narrative switches
- PUMP performs
The crypto market is actively watching the performance of Pump.Fun price in the coming weeks as this could turn out to be the biggest comeback in the crypto market since the last bull market of 2021, where the market saw the likes of Sushi token create a historical rally after a massive price dump involving its team.
However, the technical price action of Pump.Fun token is looking strong following recent buyback action as the price trades above $0.003, gaining strong market speculation of a potential price rally in the coming days.
Pump.Fun Price Analysis – Is a 10x Rally Possible?
PUMP Price Breakout – Source Coin_mastermind
The price of PUMP has seen a 25% price increase in the last 24 hours following its buyback program, as this has created a short-term market bounce for the price and bullish sentiment among crypto traders and investors looking to explore the potential of PUMP.Fun token.
Crypto expert on CoinMarketCap, Coin_mastermind, has analyzed the price action of the PUMP token following a bullish breakout from its downtrend price channel. This indicates a strong price reversal to the upside as it breaks key bearish market structure, retesting its support, and potentially flipping to bullish price action.
The price of PUMP token has the potential to rally towards its previous highs of $0.0046. A break and close could see the price push towards $0.007, indicating a strong bullish statement as traders and whales would be looking to jump on the Solana memecoin.
The potential of Pump.Fun rallies by over 10X can never be overturned in the memecoin space, considering how many memecoins never had a good start but went on to trade to new highs and create history in the market.
Current market price action for Pump.Fun price continues to look interesting as traders pay close attention to whether it will become a boom or a bust for the PUMP token.
Related Read