- Whales accumulate millions in PUMP, fueling rapid price surge today.
- Buyback program slashes supply, helping stabilize and lift PUMP price.
- Positive funding rates signal rising bullish conviction across crypto traders.
PUMP token climbed over 11% in the last 24 hours to trade at approximately $0.00322 on Tuesday. The rally is gaining momentum as heavy whale activity, aggressive buybacks, and bullish trading signals boost confidence among investors.
On-chain activity highlights significant movements from high-value wallets. Crypto venture firm GSR pulled $4.6 million in PUMP tokens from an exchange, indicating a firm conviction in the token’s price trajectory.
Concurrently, another whale staked roughly 1.06 billion PUMP tokens and entered into a 3x long position on Hyperliquid around $0.00308, setting a liquidation price at $0.0013172.
At the same time, the platform’s organized buyback initiative keeps reducing the circulating supply. Funded by the launchpad’s fee streams, the initiative has purchased $22.8 million worth of PUMP tokens from the open market. Such steady buying is helping to steady the price and lessen selling pressure.
Also Read: Ripple Recognized by U.S. Authorities as 20M XRP Moves in Sudden Transfer
Derivatives Sentiment Turns Bullish as Technicals Align
Trends in the derivatives market further support the bullish case. According to Coinglass, funding rates for PUMP turned positive across multiple exchanges on Monday. A positive funding rate generally signals traders’ increasing readiness to pay premiums to maintain long positions.
Source: Coinglass
Technical indicators likewise indicate the presence of momentum, as PUMP must stay above $0.00318 on the four-hour chart to remain in bullish territory and set its sights on a possible advance toward $0.004.
Should price action drop beneath the ascending trendline, a pullback toward the $0.0023 support level could arise.
The MACD indicators have just turned bullish, lending extra strength to the prevailing price action. As major whales continue to support the rally, prevailing technicals and prevailing market sentiment align for the time being.
Source: Tradingview
Recent strength in PUMP’s price seems driven by coordinated whale accumulation and a market structure that remains supportive. With buybacks reducing supply and traders betting big on upside, the path to higher levels remains a strong possibility if current conditions persist.
Also Read: Whale Moves $60M in XRP Off Exchange-Is a Massive Price Surge Incoming?
