Crypto Market Capitalization Rises 3% While PUMP Token Remains Stagnant
The crypto market rebounded on August 8, with total capitalization rising 3% to $3.88 trillion and daily trading volumes increasing nearly 50% to $181 billion. Key price movements included:
The token PUMP, linked to the Solana-based meme coin launchpad Pump.fun, remained stagnant after a significant monthly decline. At the time of reporting, PUMP was trading at $0.0033, up 1% in 24 hours, with trading volumes only gaining 6%. A substantial whale transaction saw one investor sell 1.11 billion PUMP for 21,763 SOL, totaling $3.79 million, resulting in a profit of $362,000.
Pump.fun announced the launch of the Glass Full Foundation (GFF), aiming to boost liquidity for ecosystem tokens and support long-term community projects. Funding allocation details remain undisclosed. This initiative comes as Pump.fun faces competition from LetsBonk.fun, a rival Solana meme coin launchpad.
PUMP launched via an Initial Coin Offering on July 12, raising $600 million in 12 minutes, but platform revenue has plummeted from over $7 million per day in January to about $200,000 recently. Despite challenges, GFF and upcoming initiatives may influence PUMP's market performance.