Cryptocurrency Update: PUMP Surpasses $0.008, Fueling Market Growth
In a recent development, the crypto PUMP, backed by the Pump.fun platform, has witnessed significant gains in the past few weeks. The digital asset, currently trading at $0.0082, boasts a market capitalisation of $2.9 billion and a 24-hour trading volume of $1.21 billion, making it the 41st largest cryptocurrency by market cap.
Interested investors can participate in the SNORT presale, the latest project by Pump.fun, at a fixed price of approximately 10 cents via the official Snorter project website. The SNORT presale offers an attractive annual yield of up to 118%.
The increased demand for PUMP has been a key factor in its price rally. Since early September, the cryptocurrency has broken key resistance levels, including 0.005$, and even reached a high of up to 0.00875$. This surge in demand has also led to a reduction in the circulating supply of PUMP.
PUMP's journey has not been without its challenges. Last month, the cryptocurrency experienced a sharp correction, sending its price to lows around 0.0025$. However, this correction resulted in a double bottom and a W-pattern in PUMP's chart, indicating a potential reversal.
The growing influence of the Pump.fun platform is another factor contributing to PUMP's success. The platform's launchpad has seen renewed interest, increasing its market share of Solana memecoin launchpad revenue to 62%.
One of the key initiatives driving PUMP's growth is the strong buyback initiative implemented by the Pump.fun team. During the price drop, the team invested up to $1 million daily in PUMP buybacks.
The Snorter Bot, a trading bot built on the Solana Virtual Machine, is another project by Pump.fun. The bot aims to compete with other bots like Bonk Bot or Banana Gun.
If successful, PUMP may attempt to break the psychologically significant 0.01-$ mark. The main goal for PUMP bulls is to maintain the gains and stabilise the price above 0.008$.
It's important to note that the SNORT cryptocurrency is currently in its earliest stage of development and has not yet been listed on an exchange. The presale phase of the SNORT cryptocurrency project has already raised more than 3.6 million US dollars from interested investors, but no specific institution or person is named as having invested that amount. The funding was gathered from various investors collectively rather than a single entity.
In conclusion, PUMP's recent surge can be attributed to increased demand, strong buyback initiatives, and the growing influence of the Pump.fun platform. As the cryptocurrency continues to gain traction, investors will be keeping a close eye on its progress.
