- Pump.fun gains 17%, boosted by buybacks and strong market demand.
- On-chain activity shows rising adoption with 57K recurring wallets and 28K new wallets.
- 2B token unlock on Nov 12 may pressure near-term prices if buyers don’t absorb supply.
Pump.fun [PUMP] has broken out of a week-long consolidation, hitting a local high of $0.45. At press time, PUMP traded at $0.0044, up 17% in the last 24 hours, with trading volume climbing 60% to $336 million. The surge reflects renewed market interest and strong bullish momentum.
Buybacks drive structural price support
Recent price gains align with increased token buybacks. Artemis data shows buyback spending rebounded to $1.3 million, up from $1 million earlier this month. Over the past 30 days, 335.1 million PUMP tokens were repurchased, a 53% increase. By reducing circulating supply, these buybacks create structural support, helping PUMP sustain its upward momentum.
Spot accumulation and network growth
Market demand also surged. On November 10, Coinalyze reported 4.41 billion PUMP in Buy Volume, outpacing 3.8 billion in Sell Volume and yielding a positive Buy/Sell Delta of 616.77 million tokens. On-chain activity is rising as well: Launchpad transactions reached 1.3 million, an 18% increase, while Dune reports 57,000 recurring wallets and 28,000 new wallets. These metrics indicate strong adoption and healthy network growth.
Token unlocks could test gains
Despite the bullish signals, Pump.fun faces immediate pressure. Dropstab reports 2 billion tokens, valued around $9.2 million, unlocking on November 12. If buyer demand fails to absorb this influx, near-term selling pressure may test PUMP’s breakout.
Also Read: Pump.fun (PUMP) Price Surges 35%: Bullish Momentum Signals Potential New High
TradingView charts indicate PUMP broke out from a falling channel, supported by a bullish DMI crossover. At press time, the token tested the EMA50 at $0.0045. A daily close above this level could open the path to $0.0054. Conversely, falling below EMA20 may trigger a pullback toward $0.0040, especially if unlocked token selling intensifies.
Pump.fun’s momentum is supported by rising buybacks, spot accumulation, and network activity. Yet, the upcoming token unlock on November 12 poses a short-term risk. Traders should watch key EMA levels and market absorption to gauge if PUMP can maintain its breakout.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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