PUMP Token Rises Above $0.0050 on Growing Demand
Pump.fun (PUMP) price climbed past $0.0050 on Tuesday. This move follows positive trends in the wider cryptocurrency market. Investors hope for a rally as the month ends.
Whales Increase Holdings and Platform Revenue Grows
- Three whales bought 2.23 billion PUMP tokens worth $11.05 million on Tuesday.
- One whale moved 1.29 billion PUMP from OKX, raising total holdings to 3.31 billion tokens valued at $16.4 million.
- Another withdrew 468.95 million PUMP from Binance, valued at $2.33 million.
- A third whale took 466.9 million PUMP from Bybit, worth about $2.32 million.
Pump.fun’s platform revenue rose to $1.01 million, up from $545,000 on October 12. This revenue comes from trading fees and token launches. The platform uses earnings to buy back tokens, which reduces supply. This could help support long-term price gains.
Retail interest is also growing. Futures open interest reached $431 million, up from $267 million on October 11. PUMP set a record high of $0.0089 on September 14, near a previous peak in open interest on September 16.
Technical Analysis Shows Bullish Signals for PUMP
At writing, PUMP trades above $0.0050. The 4-hour MACD chart shows a buy signal since Friday, confirming positive momentum. Key levels to watch include the $0.0050 support and resistance near $0.0066. A break above $0.0066 could strengthen the uptrend.
The Relative Strength Index (RSI) is 72, indicating strong buying but also possible overbought conditions. Traders should watch for possible pullbacks. Support may come from the 200-period EMA at $0.0046 and the 100-period EMA at $0.0043, which could limit selling pressure.
