Pump.fun's PUMP Rewards Doubles Diamond Hands' Assets in Seven Weeks: Breakdown
In the past seven weeks, the PUMP token has experienced a staggering 4X increase, according to recent data. This surge continues, with PUMP seeing a slight uptick in the last 24 hours.
The remarkable rise in the value of PUMP has not gone unnoticed. Pump.fun, the platform where the PUMP token was launched in an ICO back in July, is now generating over $1 million in revenue per day. The token itself, PUMP, is currently trading above an $8.6 billion fully diluted valuation.
The PUMP token's recent success can be attributed to aggressive buybacks and the platform's dominance. This strategy seems to have paid off, as PUMP has entered into 'golden cross' territory in early September, a widely recognised strong bullish signal.
However, the Relative Strength Index (RSI) for PUMP currently stands at 79, indicating overbought conditions. This suggests that the token may be due for a correction. The Average Directional Index (ADX) for PUMP, on the other hand, is at 44, suggesting a strong trend in progress.
Key support levels for PUMP include $0.0074 and $0.0066, while key resistance levels include $0.0090 and $0.00105. At the time of writing, PUMP is testing the psychological resistance level of $0.009, which is marked by its all-time high.
Myriad predictors are slightly bearish on PUMP, with a 54.3% chance of it dipping below $2 billion and a 45.7% chance of it spiking above $4 billion.
It is important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. The project Pump.fun is a Solana-based platform for creating, trading, and launching meme-coins quickly. However, specific information about the company or individuals behind Pump.fun and those who initiated the aggressive buybacks and platform dominance is not disclosed in the available sources. Therefore, the exact persons or firm responsible remain unknown based on the provided information.
This rapid rise in the value of PUMP is an exciting development in the world of cryptocurrency. As always, it is crucial to do your own research and consider your own risk tolerance before investing in any asset.
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