Whales dominate PUMP: Will the uptrend continue or will the bears regain control?

Pump.fun (PUMP) has surged 31%, reaching a new peak at $0.008456 before slightly adjusting down to $0.0079 at the time of the announcement.

During this period, the market capitalization of memecoins has increased by 23%, reaching a new ATH of 2.8 billion dollars, while trading volume has also jumped by 47% to 904 million dollars.

Usually, when both of these indicators rise, it is a signal that capital is flowing in steadily and on-chain activities are becoming more vibrant.

Buyers dominate the market

When PUMP rises sharply, buying power also surges to chase the upward trend. According to data from Coinalyze, this memecoin has recorded positive Delta in the past day, after a previous period in a negative state.

Source: CoinalyzeIn the last 24 hours, PUMP recorded a buying volume of 17.7 billion compared to a selling volume of 15.8 billion.

As a result, this altcoin reached a positive Buy Sell Delta of 1.9 billion — a clear sign of strong accumulation in the spot market.

The whale leads the game

Whales have led the trend as demand for PUMP skyrockets. According to data from Nansen, whale accumulation wallet addresses have dominated the market for the past 6 days.

On September 14, the whale bought 3.24 billion tokens, down from a total purchase of 6.25 billion tokens on September 13.

Source: NansenAt the time of publication, the Whale Balance Change of PUMP reached 1.8 billion, down from 3.1 billion the day before — a clear sign of strong accumulation from whales.

Notably, whales have recorded a positive Whale Balance Change for 6 consecutive days.

Take profits won't be left behind

With a consecutive increase of 13 days, investors — especially those whales who went long during the correction phase — are reaping enormous profits.

According to data from On-chain Lens, a whale is holding a Long PUMP position with 5x leverage and currently has an unrealized profit of up to $7.8 million.

Source: On-chain LensIt is no surprise that, as profit margins reach record levels, market participants have shifted to taking profits aggressively.

According to data from CoinGlass, PUMP has recorded a positive net inflow for 4 consecutive days. At the time of publication, the net inflow stands at 3.2 million dollars, a significant decrease from the 20 million dollars recorded on September 13.

Source: CoinGlassSuch a surge in net inflow reflects more capital flowing in than out, which is a clear sign that selling activity is increasing. Historically, strong selling pressure often leads to a decrease in prices.

Will it continue to rise?

PUMP has recorded a sustainable upward trend as demand from all groups of investors continues to grow.

As a result, the relative strength index (RSI) of this memecoin has surged to 85, entering the overbought zone. At the same time, the Chaikin Money Flow indicator (CMF) has also jumped to 0.26, further reinforcing the dominance of the buyers.

Source: TradingViewIf buyers, especially whales, continue to accumulate, the PUMP is likely to increase further. At that point, the price could reach $0.009 and aim for the target of $0.01.

However, if the profit-taking pressure overwhelms the market, PUMP will adjust down to the level of 0.0068 dollars.

Dinh Dinh