- PumpFun deposited 2.5 billion PUMP worth $9.19M to OKX, adding major liquidity.
- PUMP price dropped 10% to $0.003169, while trading volume jumped 118% to $287.52M.
- Technical analysis shows a 36% breakout to $0.004 before retracing to key support near $0.003.
PumpFun executed a large token transfer earlier today involving its native asset. The project deposited 2.5 billion PUMP tokens, valued at $9.19 million, into the cryptocurrency exchange OKX.
Confirmed by a Lookonchain post on X, the deposit represented a notable token movement, adding a significant volume to the exchange. The movement has drawn attention as it brings substantial PUMP liquidity into the OKX trading platform within a short timeframe.
PumpFun’s PUMP Drops 10% as Trading Volume Surges 118% to $287M
The recent transaction comes as the PumpFun token struggles with its price action. At the time of writing this piece, CoinMarketCap data reveals that PUMP is priced at $0.003169 after recording a 10.04% decline in the past 24 hours. The market cap has fallen to $1.12 billion, reflecting the same percentage decrease during the period. Trading activity, however, expanded as 24-hour volume increased 118.45% to $287.52 million.
The chart shows PumpFun trading near $0.003495 earlier before turning lower during the most recent sessions. The price experienced short upward movements but failed to sustain momentum, shifting downward after 3:00 AM East African Time. By mid-morning, the token fell steadily, reaching levels near $0.003316.
Market activity data indicates heightened trading, with a volume-to-market cap ratio of 25.53%. This figure shows a strong level of transactions occurring despite the overall decline. The 24-hour chart confirms notable volatility, with significant swings both upward and downward before closing near session lows.
PUMP Breakout Pushes Price Near $0.004 Before Retracing to Key Support Levels
According to a TradingView observation by AlphaCrypto, PUMP/USDT has shown significant movements in recent trading on Binance’s perpetual contract 4-hour chart. The token initially traded within a consolidation range before establishing an ascending triangle pattern between late July and early August. After several retests of resistance near $0.0029, the price moved above the level with strong momentum.
The breakout triggered a rally that lifted PUMP by nearly 36% from its base. The token peaked close to $0.004 during this surge. Data showed a measured move of 0.001109 points from the breakout. Following the peak, the market experienced a retracement. Importantly, the price held above the former resistance zone, which shifted into a demand area.
Trading activity after the breakout displayed sharp swings, with pullbacks followed by brief recoveries. Recent price action placed the token around $0.0033, showing a partial rebound from the decline. The $0.0029 zone remains crucial as it continues serving as a structural reference. The support near $0.003 has been repeatedly tested, keeping traders focused on this level.
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