New debutante PUMP token is defying the headwinds in the crypto market, hitting a new all-time high of $0.0065 late on Tuesday, after meme coin launchpad Pump.fun started a token buyback program.
On-chain data shows that wallets linked to Pump.fun purchased nearly $2.3 million worth of $PUMP coins.
Pump.fun’s token buyback initiative is drawing comparisons to Hyperliquid’s, which helped send its native token HYPE soaring.
The PUMP token is already trading at $0.0065, at a 62% premium from its $0.004 ICO price, with many viewing it as one of the best cryptos to buy now.
PUMP Coin Surges On Token Buyback Scheme
Solana meme coin launchpad Pump.fun’s native token has hit the open market, and is quickly among the top performers, despite concerns that it wouldn’t live up to the hype surrounding its presale.
The demand surrounding the PUMP coin was evident during its presale itself, which sold out after raising $600 million in 12 minutes.
The token faced a steep sell-off immediately after its open market debut, which is typical of presale launches as early investors lock in profits. However, it has since rebounded strongly and now looks well-positioned to push toward new highs.
The PUMP price has surged by over 60% from its ICO, trading at $0.0065 at press time, a new all-time high. It has rallied by nearly 20% on Tuesday itself, defying the sharp sell-off in Bitcoin.
Its hourly Relative Strength Index (RSI) shows that the token still has significant upside potential, even in the short term. $0.0062 has emerged as a key resistance level – a daily close above it would present excellent buying opportunity for sidelined investors.
Unsurprisingly, whales are FOMO buying $PUMP ahead of its bull run. Data from Lookonchain shows that two whales liquidated their Fartcoin positions to buy over $6 million worth of PUMP coins.
Pump.fun’s token buyback program is adding to the bullish momentum.
Based on recent data from Delphi Digital, Pump.fun has begun a 25% revenue-backed token buyback initiative, distributing an estimated $538,000 daily to holders.
This puts its annualized value accrual at $196.6 million. At a $2.12 billion market cap and $6 billion FDV, this pans out to a 10.78x market cap-to-earnings and 30.51x FDV-to-earnings multiple based on 180-day trailing numbers.
Compared to peers like Jupiter, Raydium, and Hyperliquid, which trade at higher earnings multiples, PUMP is currently valued at a relative discount, which explains its strong demand among smart money investors.
After Pump.fun, These New Presales Are In High Demand
PUMP’s success is likely to fuel even more demand for presale tokens, as investors seek early exposure to projects with high upside potential.
For instance, Snorter (SNORT) has raised over $1.6 million in its ICO, with many viewing it as the next 10x crypto.
SNORT is the native token of the Snorter Bot, the fastest Telegram-native trading and sniper bot. The new bot promises to level the playing field between retailers and whales, offering features like automated token snipes, copy trading, protection against MEV scams and rugpulls, futures trading and more.
Already the fastest sniper bot on Solana, it will soon offer support for Ethereum and EVM-compatible chains. Moreover, it charges a 0.85% trading fee from SNORT holders, the lowest of any trading bot on the market.
Owing to its unique value proposition, many are viewing SNORT as one of the best new coins to invest in.
Similarly, Bitcoin Hyper (HYPER) is creating quite a buzz among low-cap hunters, having already raised nearly $3 million in its ICO in short order.
Bitcoin Hyper is a new BTC Layer-2 project, powered by the Solana Virtual Machine (SVM) and a canonical bridge that enables near-instant Bitcoin transfers, low fees, and full compatibility for decentralized applications.
It aims to bring the speed, sophistication and scalability of modern blockchains to Bitcoin, without sacrificing its decentralization and security.
The top Layer-2 coins, including Bitcoin’s Stacks, tend to surpass a $1 billion valuation. It is, therefore, no surprise that many are calling HYPER the next 100x coin.
Visit Bitcoin Hyper Presale
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