The PUMP token, native to the Pump.fun platform, surged by 10% in the last 24 hours, drawing traders' attention to the assets and the platform's expansion.
Overall Overview of PUMP's Growth
The PUMP token is up by 9%, trading at $0.00338, with a market cap of $1.19 billion. Over the last week, the token has shown a 23% increase, ranging between $0.00246 and $0.00339. Spot trading volume for the past 24 hours hit $508 million, a 10% rise from the previous day.
Comparison with Competitor LetsBonk
As of August 6, Dune Analytics data showed that Pump.fun outpaced LetsBonk in daily token creation, launching 13,690 new tokens compared to LetsBonk's 13,392. However, LetsBonk continues to lead in revenue generation and token graduation.
Technical Analysis of PUMP
The technical indicators for PUMP suggest a bullish trend: it is testing the upper Bollinger Band and shows support from the 10- and 20-day moving averages. The relative strength index is nearing overbought territory. However, if PUMP fails to hold above the $0.0034 resistance, its price may dip back to the nearest support at $0.00305.
The growth of the PUMP token and the activity on the Pump.fun platform highlight increasing interest from traders and potential shifts in company strategy. The next phase will depend on the platform's ability to cope with competition and regulatory changes.
