Pump Surges 13% As Pump.fun Reclaims Launchpad Spot, Whales Stockpile Ethereum

The PUMP token has seen a massive comeback after trailing in the red region for weeks. Data from CoinMarketCap shows the PUMP price had dropped to a low of $0.00266 in August. However, renewed buyback momentum has sent the coin soaring up the charts.

In the meantime, there has been a massive surge in whale accumulation of Ethereum over the last 24 hours. According to Ali Martinez, these big investors have purchased more than 260,000 ETH in the last 24 hours.

Pump Prints Double-Digit Gains As Pump.fun Regains Top Launchpad Position

Pump.fun has reclaimed its place as the leading memecoin launchpad on Solana, driving a huge surge in the PUMP token price chart. CoinMarketcap data shows that the price of the cryptocurrency has risen by 13% on the 7D chart to briefly peak at $0.003839.

This price rally comes as Pump.fun overtook rivals like LetsBonk.fun in daily token deployments, with over 18,000 new tokens launched in the past 24 hours. The new momentum is the result of a vigorous buyback campaign, with Pump.fun spending over $67.6 million to buy back and incinerate over 18 billion PUMP tokens. 

These efforts appear to have restored user confidence after the platform’s decline in July. Data show that Pump.fun currently dominates with a 67% share, with LetsBonk.fun falling under 12%. Retail interest is also on the increase, with over 71,000 different wallets containing PUMP. 

With the platform decreasing the supply of tokens and gaining a lead over competitors, the price of PUMP might go as high as $0.00400.

Whales Go On Ethereum (ETH) Accumulation Spree

Over the past week, the price of Ethereum has been on a steady decline. CoinMarketcap data indicates that the ETH token has dropped on the 7D chart, losing the $4,500 support. Nevertheless, the Ethereum price remains bullish on the 30D chart with a 27.2% price pump.

Also, the recent purchase of 260,000 ETH shows that whales are not giving up. It reflects a rising interest in the top altcoin, which could herald the next rally that might send the Ethereum price to a new all-time high.

In the meantime, the $4,250 area has been a good support over the last week, which has prevented any further decrease. Assuming that bulls do not give in, the Ethereum price may re-enter the resistance zone of $4,500.

On the technical front, the ETH price movement is still bullish even after the recent pullback. Momentum indicators like the ADI flash a buy symbol, which shows that buying pressure remains strong. 

Analysts like ZYN believe this is not the time to be bearish on Ethereum. The analyst commented on the altcoin’s latest rise to a new all-time high and noted another rally is coming. ZYN predicts that the Ethereum price could pump to $7,400 soon. 

CryptoGoos also stated a similar stance, telling his followers not to sell their ETH. He forecasts that the value of the altcoin may rally to $6,000.

Closing Thoughts

Pump’s recent 13% surge highlights growing momentum, which could attract more interest in the coming weeks. However, only time will tell if Pump.fun can maintain its current market share. Meanwhile, the Ethereum price could see a steady climb to $6,000-$7000 if buying momentum continues to increase.