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#Crypto IPO Surge#
The rise of PUMP, the token of the Pump.fun platform, has become a significant moment for the coin. Just a week ago, the network was under pressure, but the situation changed with the mysterious statement from Alon Cohen.
While the top meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) have shown modest growth, the price of PUMP soared by nearly 15%. At one point today, it exceeded $0.003360.
Just a week ago, the project suffered from speculation that the Pump.fun ecosystem was losing market share. Against this backdrop, the value of PUMP dropped by 60% over two weeks.
However, the situation soon changed. The catalyst for PUMP was a mysterious statement from Pump.fun co-founder Alon Cohen. He announced some significant announcement in the Pump.fun ecosystem.
Meanwhile, the analytical platform Lookonchain notes the growing interest of large investors in the meme coin. According to the report, on Tuesday a whale bought 1.06 billion PUMP tokens for $3.28 million. This investor expects significant growth in the coin's price and opened a 3x long position of 594 million PUMP tokens for $1.83 million. This investor is already making a substantial profit as the coin's price continues to rise.
If early profit-taking begins, the price may lose support at the 100-day SMA at $0.003084 and return to a sideways trend. If selling pressure intensifies and the price drops below the 50-day SMA, it may break the descending trend line. In the worst case, the token could retest the support level at $0.002324.