PUMP token blasts past $2 billion valuation – Is a short-term setback next for its price?

Key Points

1. PUMP token's market cap reached $2.33 billion with only 35.4% of its total supply in circulation, implying a fully diluted value of $6.58 billion.

2. The Pump.fun ICO sold out in 12 minutes, raising $600 million, with private sales potentially bringing total proceeds to $1.32 billion.

3. Open Interest (OI) for PUMP increased by 8.85% in 24 hours, signaling strong short-term bullish conviction.

4. A bearish divergence in the RSI suggested a potential retracement, with the token dropping 2.7% shortly after the divergence appeared.

5. Despite short-term volatility, the overall trend for PUMP remains bullish, with potential for further upward movement.