PUMP has emerged as today's top gainer, rising 10% in the past 24 hours despite the overall adjustment in cryptocurrency trading activity.
This surge occurred as Pump.fun reclaimed its position as Solana's top meme coin launchpad, overtaking its competitor LetsBonk after losing dominance for several weeks.
Pump.fun Reclaims Solana Meme Coin Throne
Pump.fun is a meme coin launchpad built on the Solana blockchain. It allows users to quickly generate and launch tokens with minimal technical knowledge.
According to dune analytics dashboard, the platform has held a dominant position in meme coin generation on Solana for over a year.
Pump.fun briefly lost its dominance in July, with LetsBonk surging to capture up to 74% of daily meme coin launches on the network. However, as the summer peak faded, LetsBonk's dominance began to weaken, opening an opportunity for Pump.fun's revival.
By Monday, Pump.fun had recovered 73% market share out of 36,458 meme coins, while LetsBonk's market share dropped to just 5% on the same day.
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PUMP Shows Strong Recovery with Bullish Indicators
As Pump.fun's dominance gradually increased, demand for PUMP renewed, rising to a two-week high of $0.003616 at the time of reporting.
On-chain data shows a slow shift in investor behavior, with PUMP reversing three days of spot net outflows, indicating re-accumulation is underway. According to Coinglass, net outflows in the PUMP market during this period exceeded $10 million.
As capital slowly returns to the meme coin market, today's spot market inflow for PUMP reaches $492,130.
This steady capital inflow reflects increasing confidence in PUMP's market outlook, with more traders positioning themselves for further gains. If this trend continues, PUMP could maintain its upward momentum within Pump.fun's strengthened market position.
Moreover, from a technical perspective, PUMP's positive Balance of Power (BoP) confirms increasing buying pressure, reinforcing a bullish outlook. At the time of writing, this indicator is at 0.69 and rising, emphasizing growing demand for meme coins.
The BoP indicator measures the strength of buying versus selling pressure by comparing price movements within a given period. When its value is positive, buyers are in control, increasing the likelihood of additional price momentum.
Buyers Targeting PUMP Breakthroughโฆ Will It Break $0.00307?
PUMP is currently trading below a resistance at $0.004065. If buying pressure increases and the meme coin successfully converts this barrier to a support level, the price could rise to $0.004598.
However, an increase in profit-taking trends could invalidate this bullish prediction. If sellers regain control, the price might drop below $0.00307.
