The PUMP token experienced a dramatic 22% price surge, reaching multi-day highs near $0.006 before settling around $0.0058, making it one of the day's top performers in the cryptocurrency market. This rally was primarily driven by two major catalysts: the token's listing on Binance.US and an aggressive buyback program implemented by Pump.fun.
Binance.US officially opened PUMP deposits on September 9th, with trading against USDT commencing on September 10th at 7 a.m. EDT. This listing provides PUMP with access to a broader investor base through one of the largest U.S. cryptocurrency exchanges, significantly boosting trading volume to approximately $443 million - a 130% increase from recent averages.
Concurrently, Pump.fun's buyback program has removed over 21 billion PUMP tokens from circulation since mid-July, worth approximately $84 million. The daily repurchases averaging $1.5 million have reduced the total supply by 6.1% in under two months, creating significant upward price pressure through artificial scarcity.
On-chain data reveals growing adoption with approximately 77,000 wallets now holding PUMP tokens. The platform has seen steady whale accumulation, with several thousand wallets holding at least 1 million PUMP and a few hundred controlling tens of millions. Daily active addresses have reached nearly 19,000, indicating robust network activity.
Technically, PUMP completed a double rounded bottom formation that began developing in mid-August, breaking above the $0.00499 resistance level which now serves as support. The RSI reading of 73 suggests strong momentum without reaching extreme overbought levels. Open interest jumped 21.79% to $759.47 million, reflecting growing speculative participation from derivatives traders.
Pump.fun has generated $808 million in lifetime revenue, surpassing established platforms like PancakeSwap and Raydium, and ranks as the top decentralized exchange by yearly revenue. The platform holds over $2 billion in cash reserves aimed at reinvestment into creator growth initiatives.