In line with the broader cryptocurrency market’s positive track, the Pump.fun token is showing signs of a potential rally, with analysts predicting a massive 70% hike. Currently, the PUMP token is facing extreme volatility despite diverging from the previous bearish trend.
However, the token is gearing up for a surprising turnaround driven by a series of key developments within the Pump.fun ecosystem. This article delves deep into these developments and their impact on the PUMP token.
Pump.fun Token Shows Bullish Signs
Currently, the Pump.fun token is recovering from its previous downtrend, which saw significant pullbacks over several days. Although the token still lags behind in daily gains compared to some peers, it has shown resilience and is now making a comeback.
Despite its failure to yield significant gains on a daily basis, the token has shown impressive performance on a weekly and monthly basis. Valued at $0.004735 at press time, the PUMP coin is down by a marginal 2.3% over the last 24 hours. However, it is up by 31% and 50% over the past week and month, respectively.
This positive sentiment is not yet reflected in the trader activity as the 24-hour trading volume remains relatively low. Despite the token’s favourable price actions, traders are not showing much interest. The volume is currently recorded at $202 million, down 22%.
70% Hike on the Horizon
Interestingly, market experts and analysts are confident about the Pump.fun token’s potential explosion to reach ambitious price points. For instance, an analyst known on X as Don predicted that the meme coin would hit a record-high of $0.007, which would mark a staggering 70% hike.
Further supporting his forecast, the analyst shed light on his previous prediction where he projected the PUMP token’s breakout from the descending channel pattern, which has now been realized. Adding more to his points, he stated that the price chart is currently forming a W pattern, which indicates PUMP’s rally to the bold $0.007 mark.
Another analyst identified the formation of the Cup and Handle pattern. This pattern indicates that the period is dominated by buyers, which in turn, could result in a potential bullish rally. As per his analysis, the token is set to hit $0.007 and beyond.
What Leads to This Rally?
A number of key developments have significantly contributed to the Pum.fun token’s potential rally. These include strategic collaborations, increased platform activity, and growing community engagement, all of which played a crucial role in driving the coin’s upward momentum and fostering a positive market sentiment.
MEXC-Pump.fun Partnership
MEXC, a leading crypto exchange, recently announced its partnership with Pump.fun to launch weekly meme coin listings on its Meme+ Trading Zone. This collaboration aims to bring dynamic and trending on-chain meme coins directly to MEXC’s users, providing a seamless and secure entry point into the meme coin market. This partnership provides greater visibility and opportunities for a strong Pump.fun community, accelerating the token’s growth.
Pump.fun Creator Rewards
Metavesco has made history by becoming the first publicly traded company to earn and claim creator rewards for Pum.fun. This achievement follows the successful launch of OTCfi, Metavesco’s community token and ecosystem project.
Renewed Fee Structure
Recently, Pump.fun overhauled its fee structure, promising to boost creartor earnings by up to tenfold. This move is seen as a significant step towards rivaling established platforms like Twitch, with small creators on Pump.fun potentially earning more than their counterparts on traditional livestreaming platforms. The new dynamic fee model ties creator rewards to token market cap, reducing fees as the token’s value grows.
