Pump.fun (PUMP) Gains Over 15% on Wednesday
Pump.fun (PUMP) price rose more than 15% on Wednesday. It climbed above the key $0.005000 level. This move follows a rebound after a drop in late August. The price increase is supported by growing platform revenue and Binance.US approval.
Binance.US Approves PUMP Deposits and Trading
Binance.US announced on Tuesday that it now allows PUMP deposits. Starting Wednesday at 11:00 GMT, users can trade PUMP against USDT, a popular stablecoin. This listing is expected to boost liquidity and attract more US investors to PUMP.
Pump.fun Ranks Second in DeFi Revenue
Data from DeFiLlama shows Pump.fun is the second-largest DeFi protocol by revenue over the past 30 days. It generated $2.52 million in revenue, just behind Hyperliquid’s $2.81 million. This steady revenue highlights strong demand for Pump.fun’s services.
PUMP Looks to Break Record High
PUMP’s price is nearing the 78.6% Fibonacci retracement level at $0.005427. If it closes above this, the price could rise to the July 15 record high of $0.006888. Open Interest in PUMP derivatives rose 16% in 24 hours, reaching $753 million. This shows growing trader interest.
The Relative Strength Index (RSI) is at 72, indicating strong buying but also a risk of reversal. The MACD indicator shows bullish momentum with green bars and an upward trend. If PUMP fails to hold $0.005427, it may drop to the 61.8% Fibonacci level at $0.004501.
