PUMP Jumps 67% in a Month as $13.6 Million in Tokens Unlock
Summary
- PUMP rose 19.65% over the past seven days and 66.57% over the past 30 days, lifting its market capitalization to $1.665 billion.
- Pump.fun’s token buyback-and-burn policy and increased platform usage appear to be boosting sentiment around PUMP.
- The unlock of 4.94 billion PUMP tokens (about $13.6 million) allocated to the team and early investors increased the amount available for sale, which could lead to short-term selling pressure.
Forecast Trend Report by Period
PUMP, the native token of Solana-based memecoin issuance platform Pump.fun, has continued to surge even as additional tokens allocated to the team and early investors were unlocked.
On HTX on Aug. 14, PUMP was up 19.65% over the past seven days and 66.57% over the past 30 days. Its market capitalization expanded to $1.665 billion. Pump.fun’s token buyback-and-burn policy and increased platform usage appear to have boosted investor sentiment.
Earlier in the day, 4.94 billion PUMP tokens allocated to the Pump.fun team and early investors were unlocked. The tokens were worth about $13.6 million at the time. They were subsequently distributed across 125 wallets.
A token unlock is the process by which previously non-tradable supply becomes available for sale. If a large volume is moved to exchanges, it can create short-term selling pressure.
PUMP has a maximum supply of 1 trillion tokens. Of that, 20% was allocated to the team and 13% to existing investors. Those holdings have been gradually released after a one-year lockup expired following the token’s launch in July last year.
