PUMP (Pumpfun) rose by 18.83% in 24 hours

Gate News Bot news, September 11, according to CoinMarketCap data, as of the time of writing, PUMP (Pumpfun) is currently priced at 0.00571914 USD, with a rise of 18.83% in the last 24 hours, reaching a high of 0.00578565 USD and a low of 0.00398241 USD. The 24-hour volume has reached 497 million USD. The current market capitalization is approximately 2.025 billion USD, an increase of 321 million USD from yesterday.

Pump allows anyone to create tokens. All tokens created on Pump are fairly issued, meaning that when the tokens are first created, everyone has an equal opportunity to buy and sell.

PUMP Recent Important News:

1️⃣ Creators' income hits a new high After the launch of the "Project Ascend" with dynamic fees on the pumpfun platform, creator income has continued to rise. In the past 7 days, total creator income reached a new high of $15.5 million, surpassing the protocol's own revenue of $1.45 million. This significant rise in income reflects a substantial increase in the platform's activity and attractiveness, which could become an important factor in driving the PUMP price rise.

2️⃣ Institutional funds favor Recent market observations show that institutions and "smart money" are continuously increasing their positions in ETH and the emerging token PUMP. This flow of funds indicates that institutional investors have a positive outlook on the long-term development prospects of PUMP, which may provide more stable price support for PUMP.

3️⃣ Large Leverage Long Position Opening Multiple large leveraged long positions have appeared in the market. A whale has created 3 new wallets within 8 hours, going long on PUMP with 5x leverage, for a total holding of 1.31 billion coins, valued at approximately 6.3 million dollars. Additionally, two other whales hold long positions in PUMP worth 7 million dollars and 5 million dollars, with unrealized profits of 2.6 million dollars and 1.9 million dollars, respectively. The existence of these large long positions may drive the price of PUMP to continue rising in the short term.

From a technical perspective, the PUMP price has seen a significant rise of 18.83% in the past 24 hours. This strong upward trend may be related to factors such as an increase in creator income, institutional capital inflow, and large leveraged long positions. However, it is important to note that high leverage positions may also bring considerable volatility risk.

This message is not an investment advice, and investors should be aware of market volatility risks.