Pump.fun Token Nears All-Time High
Pump.fun’s token, PUMP, is trading above $0.008000 as of Thursday. This follows a 4.77% gain on Wednesday. The token launchpad shows steady weekly revenues above $10 million for four weeks in a row. This reflects strong demand for meme coin projects in the crypto market.
Derivatives data and technical analysis suggest PUMP could reach a new record high soon.
Strong Weekly Revenues for Pump.fun
Pump.fun has earned over $10 million in weekly revenue for the past four weeks. This shows steady demand for its token generation services. So far this week, revenue stands at $8.65 million and is expected to stay strong.
Recently, Pump.fun paid out more than $4 million in creator rewards. Most rewards went to first-time creators, showing growing platform adoption. This was confirmed in a post on their official X account on Monday.
Trader Confidence and Price Outlook
Data from CoinGlass shows PUMP’s Open Interest rose to $1.22 billion on Thursday, up from $1.08 billion on Wednesday. This signals increased trader interest and a risk-on market mood.
The Taker Buy/Sell Volume ratio also increased. Long positions now make up 51.79%, up from 50.01% in the last 24 hours.
At press time, PUMP price rose 1%, breaking above a short-term resistance line. This breakout targets the next resistance level at $0.009793.
Technical indicators support this bullish trend. The MACD is moving toward a crossover, showing weakening bearish momentum. The RSI stays above 60, indicating strong buying pressure.
However, if the price falls below the 50-period EMA at $0.007165, the breakout could fail. This might lead to a drop toward the 100-period EMA at $0.006134.
