The Solana-based launch pad Pump.fun has reportedly surpassed the $800 million mark in revenues according to data from Dune Analytics. The platform could be recapturing its lead in this key market. Is this enough to favor a bullish PUMP price prediction?
Pump.fun successfully raised $500 million in late July through its initial coin offering (ICO) and capitalized on the strong wave of positive momentum that cryptos as a whole have been experiencing lately.
Since PUMP was launched, the protocol has burned $46 million worth of the token or around 265,180 SOL. This figure accounts for around 1.1% of the circulating supply.
Comparatively, LetsBonk burned only a fraction of that total (62,000 SOL to be exact) during that same period. Token burns create scarcity and favor a bullish PUMP price prediction.
Data from Jupiter, the largest Solana-based DEX aggregator, Pump.fun recaptured the top spot in this market since early August and currently holds a 73% market share in daily total volumes over the past 7 days.
If Pump.fun maintains its lead and continues to collect significant revenue from transactions and token launches, it could increase the size of its burns, which could result in a significant rally for PUMP in the near term.
PUMP Price Prediction: RSI Turns Bullish as PUMP Bounces Off $0.0028
The 4-hour chart shows that PUMP has bounced off the $0.0028 support level and could be poised to bounce strongly if this area holds.
The Relative Strength Index (RSI) has already neared oversold levels, meaning that the selling pressure may have already gone too far. Meanwhile, the oscillator has crossed above its 14-period moving average as well.
As Pump.fun recaptures its lead and token burns increase, the odds of a recovery increase. If PUMP breaks above $0.0035, that should result in a much stronger rally toward the $0.0040 level first and then to as much as $0.0065, meaning an upside potential of 120%.
Higher trading volumes at Pump.fun indicate that meme coins could be next in line to experience a meaningful rally. Top tokens in the Solana blockchain like Pudgy Penguins (PENGU) and Bonk (BONK) have already delivered strong gains this year.
However, a widely popular Ethereum-based meme coin called Wall Street Pepe (WEPE) just migrated its token to the Solana network and analysts already anticipate that this could drive big volumes and cause a significant price surge in the next few weeks.
Wall Street Pepe (WEPE) Lands in Solana – Buy Now Before It Pumps
Wall Street Pepe (WEPE) is the perfect combination of Wall Street greed and meme coins. Inspired by the success of the OG Pepe, this token has captured investors’ attention since its successful presale earlier this year.
This move to the Solana blockchain was launched alongside a token burn program. The project will be burning the corresponding dollar value of WEPE tokens migrated from ETH. This reduces the circulating supply and should contribute to a short-term price increase.
More than 483 million tokens have already been burned. Once the migration is completed, the project’s roadmap will move forward to the next stage – exchange listings.
Join the WEPE army before the next big pump. You can buy WEPE by visiting the official Wall Street Pepe website. Simply connect your wallet (e.g. Best Wallet) to swap SOL or USDT for this token or use a bank card to complete your purchase.
Click Here to Get WEPE on Solana
The post PUMP Price Prediction: Is This Meme Coin About to Skyrocket as Pump.fun Surpasses $800M in Lifetime Revenue? appeared first on Cryptonews.
