Pump.fun's PUMP token jumped 15% to $0.006369 on October 4 as two large wallets moved a combined $3.58 million into the token, though the activity does not establish what drove the rally. Open interest in PUMP derivatives climbed 25.77% to $669.62 million, and technical indicators point to a possible $0.007 target.
PUMP coin rose 15% to $0.006369 on October 4 as whale accumulation drew attention to the token. The move gave Pump.fun a market capitalization of about $2.95 billion, ranking it 35th among cryptocurrencies by that measure. Liquidations totaled $390,000 over the same period, with short positions taking most of the losses as the token advanced.
The rally outpaced the wider market, which gained 0.77% over the same period, and total cryptocurrency market capitalization climbed to approximately $2.9 trillion during the broader recovery. Bitcoin held above $85,000, Ethereum climbed to $2,699, and XRP reached $1.50 during the same advance, with steady institutional accumulation and relatively low leverage supporting the move, according to the supplied market overview.
Two Wallets Move $3.58 Million Into PUMP
Whale wallet "netherlol" bought 383.34 million PUMP tokens worth about $2.4 million, Lookonchain said, marking the wallet's first purchase in more than a year. A separate, newly created wallet, identified as GnZqfY, withdrew 189.22 million PUMP tokens from MEXC worth $1.18 million, seven hours before Lookonchain's update.
Together, the transactions involved 572.56 million tokens worth roughly $3.58 million. PUMP reportedly climbed 20% over 24 hours, reaching a fresh local high following the previous day's long position liquidations, though the transactions do not establish what drove the rally. Lookonchain did not publicly identify a reason for netherlol's return, and the MEXC withdrawal does not independently confirm a new purchase.
Open Interest Climbs to $669.62 Million
Trading volume in PUMP derivatives rose 3.64% to $1.08 billion, according to supplied data. Open interest climbed 25.77% to $669.62 million, substantially outpacing the rise in turnover. The higher open interest reflects a larger volume of outstanding derivatives positions compared with the prior reading, though the figures alone do not show whether traders favor bullish or bearish positions.
Technicals Point Toward a $0.007 Target
PUMP coin extended its recovery within a rising channel on the four-hour timeframe, with the relative strength index reading 65.77, below the conventional 70 threshold linked to overbought conditions. The MACD line stood at 0.000241, above the signal line's 0.000189, with its histogram at 0.000052 after turning positive following the recent decline.
The next resistance sits at $0.007, about 9.98% above the current price, offering a conditional upside target if the breakout holds. Rejection at $0.00655 could instead send PUMP back toward the $0.006 support zone, and a break of that level alongside the rising channel could open the door to a retest of the $0.0055 bounce region.
Source: CoinGape
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