On-Chain Data Reveals the Real Driver of PUMP’s 11% Rally: Whale Buys
Main Idea
The Pump.fun (PUMP) token surged 11% in 24 hours, driven by whale accumulation, a token buyback program, and bullish derivatives market activity.
Key Points
1. Whale traders, including GSR, withdrew $4.6 million worth of PUMP from exchanges, signaling strong accumulation.
2. A whale deposited 1.06 billion PUMP tokens and opened a 3x long position, further driving demand.
3. Pump.fun's token buyback program repurchased $22.8 million worth of PUMP, reducing supply and supporting the price.
4. PUMP's funding rates turned positive across major exchanges, indicating bullish sentiment in the derivatives market.
5. Technically, PUMP needs to hold above $0.00318 to target $0.004, with $0.0023 as a critical support level.
Description
The price of the Pump.fun (PUMP) token has surged by over 11% in the last 24 hours On-chain data shows large whales, including GSR, are accumulating millions in PUMP tokens The rally is also supported by a bullish flip in the funding rate and a $22.8M buyback program The Pump.fun (PUMP) token has caught a bid, jumping over 11% in the last 24 hours to trade around $0.00322 on Tuesday. This move is backed by a combination of bullish technicals, a strong token buyback program, and clear signs of ac...
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