Pump.fun token surges 64% as token unlock drives buying on Bitvavo

The PUMP token of the Pump.fun memecoin platform on the Solana blockchain has risen about 64% since the end of June, moving from roughly $0.00131 to $0.00214, a daily gain of nearly 19%. On the Dutch exchange Bitvavo, about €3.4 million worth of PUMP was traded in the last 24 hours, making it one of the most active cryptocurrencies on the platform.

Mid‑July saw a large token unlock of billions of investor and team allocations. Rather than triggering sell‑offs, the newly released supply was largely absorbed by buyers, pushing the price toward a key technical resistance near $0.0020. Indicators such as the Supertrend and Guppy EMA suggest short‑term bullish momentum, while open‑interest on derivatives has been declining, indicating less leveraged buying.

Analysts view the rally as a sign of confidence in the project despite the increased circulating supply, noting that the price action is being driven mainly by spot‑market demand rather than speculative leverage.