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Following
JTO 
JUP 
PUMP Pump.fun (PUMP) token rose sharply at the beginning of the week
Pump.fun (PUMP) token rose sharply on the first trading day of the week. Prices rose 23% in 24 hours, hitting a two-month high. Behind this rally is only related to one name. When Ansem, an investor who has attracted much attention in the cryptocurrency market, announced his purchase of PUMP, it also explained why he trusted the project one by one.
According to CoinGecko data, PUMP rose to US$0.00207 at one point in the day, the highest level since May 12. As of writing, its price was trading around $0.00203. In addition, PUMP also became the token with the largest increase on the day among the top 100 cryptocurrencies by market value.
"One of the few projects that can make money even in a bear market"
The core of Ansem's bullish expectations is not the price trend, but Pump.fun's business model. The well-known investor said the platform can generate $30 million to $40 million in monthly revenue even during bear markets. Ansem believes that the Solana ecosystem will regain its position as the center of retail investors in this bull market, and Pump.fun is one of the projects most likely to benefit from it.
Ansem also announced that he had bought PUMP after regaining the US$0.001675 level it regarded as a key support area.
Airdrop expectations are also a positive factor
In Ansem's view, platform revenue is not the only factor supporting PUMP prices. The investor believes that possible large-scale token airdrops in the future are expected to reactivate transaction volume on the Solana network. To support this view, he cited the examples of Jito (JTO) and Jupiter (JUP). The token distribution of these two projects at the end of 2023 has significantly boosted transaction volume growth in the Solana ecosystem.
Ansem also emphasized that the team holds a large number of PUMP tokens and these tokens are just beginning to be unlocked. As a result, he expects the team to want the token to be successful as well.
The rally began on Sunday
In fact, the PUMP market did not start on Monday. The Meme coin Jimothy The Raccoon (JIMOTHY) created on the platform attracted social media attention in a short period of time. The market value of the token once reached approximately US$11 million, and the price rose 186% in 24 hours.
This attention has increased trading volume on Pump.fun. PUMP prices first rose from US$0.0016 to US$0.0019, while Ansem's public statement further accelerated the rise the next day.
Key prices that Ansem focuses on
Ansem also pointed out that bullish expectations are not always valid. In his view, if the price falls below $0.0014, the bullish scenario he constructed for PUMP will expire.
What is Pump.Fun (PUMP)?
This content is based on general market data and does not constitute investment advice. It is recommended that you conduct your own research.
