Pump.fun's native token PUMP surged over 24% this week to trade near $0.0034, including a 10% daily spike, with trading volume hitting $531 million amid flat broader market conditions. This rebound follows PUMP's steep post-ICO decline after its July 12 launch, where it lost two-thirds of value despite raising $500 million in 12 minutes.
Blockchain data reveals significant whale accumulation, with one wallet purchasing 1.06 billion PUMP ($3.3 million) while opening a 3x leveraged long position worth $1.83 million. Simultaneously, Pump.fun's team executed aggressive buybacks, reinvesting over 102% of platform revenue – buying back 10K SOL worth of tokens in seven days.
The rally coincides with co-founder Alon Cohen's teaser of a "huge announcement for organic community coins" expected this week, speculated to include volume-based incentives. Concurrently, Pump.fun surpassed rival LetsBonk in daily token launches (13,690 vs 13,392) and trading volume ($89M vs $81M), though LetsBonk retains higher revenue ($831K vs $716K).
Technically, PUMP shows bullish momentum trading above key moving averages with RSI approaching overbought levels at 66.89. Critical resistance lies at $0.0034, with failure potentially triggering a pullback to $0.00305 support.