Pump.fun’s PUMP rallies 13% as Whales scoop 2.74B tokens across exchanges
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Cryptocurrencies remained elevated on Tuesday as Bitcoin climbed past $117,000.
While altcoins stall ahead of potential breakouts, Pump.fun’s native token led the rebound with an over 13% increase in the last 24 hours.
Amplified accumulation by large-scale investors fueled the PUMP rally.
According to Lookonchain, four whales bought 2.74 billion PUMP coins, worth around $14 million at market prices, today.
The notable accumulation comes as markets brace for substantial breakouts, with all eyes on Wednesday’s Fed rate decision.
The timing of these purchases likely signals confidence in upcoming recoveries among influential market players.
PUMP’s massive withdrawal from exchanges
The investors executed their purchases in different trading platforms – OKX, Wintermute, Bybit, and Binance.
Wallet address GfcyaW executed the most notable transaction, pulling 1.29 billion PUMP worth roughly $6.4 million from OKX.
The investor now holds $3.31 billion in Pump.fun coins valued at approximately $16.5 million.
Such massive withdrawals from exchanges often signal bullish sentiments, as savvy investors often move assets off cryptocurrency exchanges when planning to hold for the long term.
GfcyaW’s accumulation reflects how experienced and wealthy investors position themselves as fear and uncertainty grip the broader market.
Meanwhile, three new addresses also joined the PUMP purchase trend, transferring tokens worth millions from leading trading platforms.
The withdrawals included 513.92 million coins valued at $2.48 million from Wintermute, 468.95 million tokens, worth $2.33 million from Binance, and 466.9 million PUMP ($2.33 million) from Bybit.
While it remains unclear whether these wallets are linked, the timing and size of the transfers sparked debates of coordinated accumulation.
Whale accumulation often heralds breakouts.
Generally, asset transfers by large-scale investors influence market behavior and price action.
Most whales have insider information and tend to enter when prices are about to surge and exit at the onset of downtrends.
Moving cryptocurrencies from an exchange consequently reduces the available token supply, reducing selling pressure.
The supply squeeze and revived market interest propel upswings in the near-term.
PUMP price action
The launchpad’s native token exhibited a bullish daily chart.
PUMP gained more than 13% in the last 24 hours to $0.005190.
Also, it soared over 28% last week, fueled by bullish news such as buying the Padre App.
According to the announcement:
Padre is an industry-leading trading terminal which provides a seamless, high-speed trading experience with next-level analytics for professional traders.
The digital token’s daily trading volume jumped 30% to $459 million, indicating amplified trader activity.
PUMP appears poised for further uptrends, especially as the broader market displayed optimism.
Markets are predicting a 25 bp rate cut tomorrow.
A dovish Fed move could offer the much-needed catalyst for bullish performance in the coming weeks and months.
The post Pump.fun’s PUMP rallies 13% as Whales scoop 2.74B tokens across exchanges appeared first on Invezz
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