Key Takeaways
- Bitcoin’s price rallies as PumpFun gains more bullish price action to the upside.
- Crypto experts predict PumpFun price to reach a new all-time high of $0.01 following recent market price action.
- If the price of PUMP token breaks above $0.01, we could see a strong bullish push towards $0.03.
PumpFun (PUMP) has seen its price rally above its listing price of $0.004, gaining over 20% price gains in a single day, as there is buzz in the crypto market speculating a potential price rally towards a potential new all-time high of $0.007 to $0.01.
The Solana-based memecoin that saw public listing for a memecoin came under intense criticism and backlash following its price crashing from its $0.006 highs on the day of listing to a region of $0.0025, a 50% price crash below its listing price.
This reason was due to speculation that the PumpFun team had no plans to compensate its community with an airdrop, as many traders, investors, and whales saw the memecoin token as having no real utility and a negative community sentiment.
The PUMP token crash was so significant that many traders were ready to move to its rival platform, LetsBonk, which saw a surge in transactions and activity. However, the news of the PUMP token buyback mechanism sparked renewed hope for the Solana memecoin and has enjoyed a notable run.
Rally Backed By Community Activities
PumpFun’s price rally has been driven by recent community activities within its ecosystem, contributing to the surge in price, and a buyback mechanism that has seen over $50 million invested in buybacks, helping to build its price from its low point.
Building on the activities, this has improved market sentiment following a strong price breakout above its listing price of $0.004, as the price gained strong bullish price action, flipping what seemed to be a psychological resistance zone into support, and aiming to go higher.
Coupled with this bullish market action, the news of a potential Binance US listing has served as a catalyst for price in the last few hours, signaling that top crypto exchanges are willing to enable trading of the Solana memecoin. This has contributed to an increase in volume on the Solana network, following a strong market rally.
Additionally, crypto experts and analysts believe the price could experience exponential growth in the coming days.
PUMP Price Analysis by Experts
Crypto expert GodJohn, based on his analysis of the PumpFun token, believes the price looks bullish, as the price could be headed to a potential new all-time high of $0.007 to $0.01, as the price currently trades above $0.0056.
Technical indicators and bullish price action suggest the price is bullish as traders would look to buy pieces to new highs.
FAQs
What is PumpFun used for?
This is a Solana memecoin launchpad where memecoins are created and listed for trading.
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