PUMP (Pumpfun) rose 15.05% in the last 24 hours.

Gate News Bot report, July 30, according to CoinMarketCap data, as of the time of writing, PUMP (Pumpfun) is currently priced at $0.00278441, with a rise of 15.05% in the last 24 hours, reaching a high of $0.00400069 and a low of $0.00228227. The 24-hour volume has reached $646 million. The current market capitalization is approximately $986 million, an increase of $129 million compared to yesterday.

Pump is a platform that allows anyone to create tokens. All tokens created on Pump are fairly issued, which means that when the tokens are first created, everyone has an equal opportunity to buy and sell. Users can choose their preferred tokens, purchase them on the price curve, and can sell at any time to realize profits or losses.

PUMP recent important news:

1️⃣ The project team increases the token buyback efforts Pumpfun transferred 12,000 SOL (approximately $2.16 million) to the buyback execution address for the continued buyback of PUMP tokens. Previously, the project team had used approximately $21.5 million to purchase 3.828 billion PUMP, with an average buyback price of $0.0056. At the same time, the project team promised to use 100% of daily revenue for buybacks, demonstrating confidence and support for the token's value.

2️⃣ Large institutional investors have completed liquidation A large institutional investor participating in the PUMP private placement recently completed the liquidation of all holdings. The investor initially invested 100 million USDC to acquire 25 billion PUMP, which has now been completely sold, resulting in a total profit of 8.2 million USD. This large-scale sell-off may exert short-term supply pressure on the market.

3️⃣ Platform trading activity declines Recent data shows that the number of "graduation" tokens on the Pumpfun platform has significantly decreased, with its share in the Launchpad ecosystem dropping to 7.1%. At the same time, the platform's 24-hour revenue and trading volume have been surpassed by competitor Letsbonk by more than four times, posing a challenge to its market share. This indicates a decline in platform activity, which may impact the demand for PUMP tokens.

From a technical perspective, although the PUMP price has rebounded, it is still near recent lows. The continuous buyback by the project team may provide some support for the price, but the liquidation by institutional investors and the decrease in platform activity may bring some selling pressure. Investors should closely monitor the project's subsequent developments and market reactions.

This message is not intended as investment advice, and investors should be aware of market volatility risks.