PUMP (Pump.fun) rose 9.77% in the last 24 hours.

Gate News Bot News, on September 8, according to CoinMarketCap, as of the time of writing, PUMP (Pump.fun) is currently priced at 0.00492452 USD, having risen by 9.77% in the last 24 hours, with a high of 0.00497065 USD and a low of 0.00325036 USD. The 24-hour volume reached 216 million USD. The current market capitalization is approximately 1.743 billion USD, an increase of about 155 million USD compared to yesterday.

Pump is a platform that allows anyone to create tokens. All tokens created on Pump are fairly released, which means that when a token is first created, everyone has an equal opportunity to buy and sell.

Important news about PUMP recently:

1️⃣ Platform income significantly rises Pump.fun's revenue in the past 24 hours reached $2.55 million, surpassing other major cryptocurrency applications during the same period, making it one of the highest-grossing applications. This significant rise in revenue reflects a substantial increase in platform user activity and volume, which may be an important factor driving the rise in PUMP prices.

2️⃣ New fee model increases creator earnings Pump.fun launched a new fee model, and within 24 hours of the update, creators on the platform received a share of $2 million, significantly increasing from the previous revenue of $198,000 under the old fee structure. This change is expected to attract more creators to the platform, thereby enhancing the quality of content and user engagement.

3️⃣ Continuous repurchase plan reduces circulation Pump.fun has invested a total of 373476 SOL for PUMP buybacks, with a total buyback amount of approximately 67574919 USD, and the buyback scale has offset 5.064% of the circulating supply. This ongoing buyback strategy helps to reduce market circulation, which may provide long-term support for the PUMP price.

From a technical perspective, the PUMP price has seen a significant rise in the past 24 hours, with an increase of 9.77%. This upward trend may be related to the platform's revenue growth, the implementation of a new fee model, and the ongoing buyback plan. However, it is important to note that there are still large short positions in the market, such as a certain whale continually shorting PUMP, currently facing an unrealized loss of approximately $12.97 million on a single coin. Additionally, in August, over 880,000 addresses on the platform experienced varying degrees of losses, totaling over $64 million, which may affect investor sentiment in the short term.

This message is not an investment advice; investors should pay attention to market volatility risks.