Pump crypto price continued its strong rally, reaching its highest level on record as its ecosystem continues to boom. The token jumped to a high of $0.0090, up by 285% from its lowest level this year, bringing its market capitalization to over $3.1 billion.
Pump Network Revenue Soars
Pump Fun has become one of the biggest success stories this year as it introduced the concept of meme coin minting on the Solana ecosystem. Some of the top tokens minted on the platform are Fartcoin, Moo Deng, Peanut the Squirrel, and Comedian.
Data shows that Pump is seeing strong growth this year, with its network handling billions of dollars each month. According to DeFi Llama, Pump has handled over $7.8 billion this month so far after handling $10.6 billion last month.
Data shows that the Pump network has generated over $99.9 million in the last 30 days, making it one of the most profitable players in crypto. The cumulative fees since its launch have jumped to $960 million.
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Pump’s revenue has also jumped in the past few months. Its cumulative revenue rose to over $804 million. Part of this revenue came from PumpSwap. This is important because the network uses this revenue to buy back the Pump tokens.
Still, the main risk for the Pump crypto price is that there are signs of distribution among investors as many start to book profits. The amount of PUMP tokens on exchanges rose to 614.5 billion tokens, up from 599 billion earlier this month.
Whale holdings have plunged to 19.28 billion, down from last month’s high of 25.6 billion. Similarly, smart money investor holdings have plunged to 1.15 billion, down from 1.56 billion in August.
Pump Crypto Price Technical Analysis
The 12-hour chart shows that the Pump price bottomed at $0.0022 in August and then staged a strong comeback to $0.0090 today. It recently moved above the important resistance level at $0.0068, the upper side of the cup-and-handle pattern.
Pump token has remained above the 50-period Exponential Moving Average (EMA), while the Average Directional Index (ADX) has moved to 64.
However, the Pump price has become highly overbought, with the Relative Strength Index (RSI) and stochastic oscillator moving to extreme overbought levels.
Therefore, while the most likely Pump price forecast is bullish, there is a risk that it will have a bearish reversal in the near term. This reversal may have it drop to the support at $0.00689 and then resume the uptrend.
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