On July 19, trader Eugene Ng Ah Sio posted on his personal channel that he recently bought some PUMP. Although he did not participate during the project's initial market hype (considering the high attention at the time), the recent selling wave has sparked his interest.
Considering the initial launch's feverish sentiment, most investors' average entry price might be around $0.005 or higher. Now that the price has dropped to $0.004, almost everyone is in significant losses, especially when ETH has risen 30% in a week, holding an asset that has fallen 25% is indeed painful - which has triggered obvious selling behavior.
$0.004 should be an important support level, because the initial ICO was severely oversubscribed (remember how many participants complained about not getting quotas), so his personal bet at the current price level is only temporary. Additionally, there are several potential positive factors:
· Alon might return and bring substantial benefits to token holders (currently, market expectations are that he will only maximize his cash-out)
· The platform is expected to reclaim market share from BonkFun
Based on these factors, Eugene believes the price might rebound to the $0.006-$0.007 range.
