The altcoin PUMP officially started trading, and its dynamics are generating interest among investors and analysts.
Start of PUMP Trading
The trading of the altcoin PUMP began today. According to GMGN data, at 8:13 PM UTC+3, the token price was set at $0.0061301, leading to a fully diluted valuation of PUMP at $6.13 billion. This represents a 53.25% increase compared to its IPO price of $0.004.
Market Reaction and Trading Volumes
At the time of writing, the token price of PUMP was $0.005429. PUMP became available on the Binance platform as announced by Binance Alpha. As of 8:20 PM, Binance Futures began transitioning the PUMPUSDT futures contract from pre-market mode to the standard USDⓈ-M contract. This transition may take up to an hour, but trading will remain stable as all open orders and positions will be preserved.
Controversies and Future of PUMP
The launch of PUMP sparked debates around its valuation at the ICO, which was $4 billion. Some investors deemed this valuation 'exploitative', while others saw it as fair for a protocol that has generated $720 million in revenue since the first quarter of 2024. Despite the successful start, it's important to remember that PUMP is a high-risk asset due to its link with the memecoin world.
The launch of the altcoin PUMP represents a significant event in the cryptocurrency market. Its initial trading wave showcased both interest and controversies that will continue to be discussed moving forward.
