Pump.fun's native token PUMP rallied 15% to $0.004 on Monday, pushing its market capitalization to $1.3 billion, as the platform reclaimed its position as Solana's dominant memecoin launchpad. This represents PUMP's highest price level this month, with gains extending another 5% on Tuesday.
After losing ground to rival LetsBonk in July – when LetsBonk controlled up to 74% of daily Solana memecoin launches – Pump.fun rebounded to capture 67%-73% of the market by early August. On Sunday alone, Pump.fun accounted for 67% of 27,500 new meme coins launched, while trading volume reached $134 million versus LetsBonk's $12 million.
The resurgence accelerated following Pump.fun's August 7 announcement of the Glass Full Foundation, a liquidity injection initiative designed to support high-potential ecosystem tokens. Derivatives markets reflected extreme bullish sentiment, with PUMP futures volume surging 168% to $1.38 billion – exceeding its spot market cap – while open interest climbed 17.81% to $510.63 million.
Technical analysis revealed a bullish golden cross formation as the 5-day SMA crossed above longer-term moving averages. The token faces immediate resistance at $0.0042, with $0.0048 as the next target, while support holds at $0.0033. On-chain data shows a reversal from three consecutive days of net outflows (exceeding $10 million) to Tuesday's $492,130 inflows, with the Balance of Power indicator at 0.69 confirming growing buying pressure.