The price of PUMP, the memecoin launchpad platform, has risen more than 20% in 24 hours. What are the reasons behind this increase, which brings the token closer to its all-time high (ATH)?
Pump.fun’s PUMP gains 75% since the beginning of the month
Over the past 24 hours, the price of the PUMP token from the Pump.fun memecoin launchpad has gained 21% to reach $0.006 at the time of writing. Over 7 days, the asset has gained 50%, and even more than 75% since the beginning of the month:
The most recent rise in the token’s value can be attributed to Binance.US, which listed PUMP on its platform on Wednesday.
More broadly, other news has been made official in recent days. Among the most important is a collaboration with the MEXC cryptocurrency exchange to list a new token from the Pump.fun ecosystem every Monday.
In addition, Pump.fun has partnered with the on-chain analysis tool InsightX to offer more on-chain data to app users. Most importantly, a new fee system was launched earlier this month. The goal of this new feature is to allow for better compensation for token creators.
At the same time, the memecoin launchpad has also bought back a large number of PUMP tokens using the fees it has collected. For example, the Pump.fun teams announced that they had bought back $12.19 million worth of PUMP tokens between August 28 and September 3, an amount corresponding to 98.23% of its revenue for that period.
In terms of revenue, the decentralized exchange (DEX) seems to be confirming the recovery of recent weeks, after a difficult period between July and early August. While these revenues remain lower than those at the beginning of the year, they nevertheless reached $2.57 million on Wednesday, according to data from DefiLlama:
In terms of market share, this recovery is also confirmed, in line with our observations last month. Over the last 30 days, Pump.fun has accounted for 73.6% of the volume among token launch platforms, far ahead of letsBONK.fun, its main competitor, which has a 12.3% market share:
Although PUMP still needs to gain 14.4% to return to its all-time high (ATH) reached in the days following its Initial Coin Offering (ICO), the current price is still up 50% from its launch price.
