Pump.Fun (PUMP) Surges 30% From Lows Amid Buyback Program
After reaching a new low, Pump.fun (PUMP) has increased nearly 30%, approaching a key resistance level. Analysts suggest the token may be recovering.
PUMP Price Movements
- PUMP retested crucial levels after recent declines.
- Launched on July 14, surged 70% from ICO price to an ATH of $0.0068.
- Subsequent selling pressure and negative updates caused prices to drop below ICO levels.
- Hit an ATL of $0.0028 last Thursday, following news of delays in the airdrop.
- Recent price action saw PUMP range between $0.0024-$0.0029, attempting multiple breakouts.
- After a 30% surge, it broke above $0.0030 for the first time in a week, peaking at $0.0032 before retracing to $0.0027-$0.0029.
- Analyst Altcoin Sherpa indicated potential for a breakout rally.
Buybacks and Investor Activity
- The recovery is partly attributed to a buyback program and renewed interest from large investors.
- A major investor purchased $3.16 million worth of tokens after previously losing $125,000.
- Reported that 98% of revenue was allocated to buying back PUMP tokens.
- On July 30, Pump.fun transferred approximately $2.16 million to its buyback address.
- Initially transferred $30.53 million from its fee wallet for buybacks, repurchasing 3.828 billion PUMP tokens valued at $21.5 million.
- Concerns raised about the effectiveness and consistency of the buyback initiative.
As of now, PUMP is trading at $0.0027, reflecting a 7% decline over the week.
