$PUMPBTC tripled in a day, up 305% in 24 hours, surging from 0.00816 to 0.05351 before pulling back to around 0.037. Trading volume was 132.5M.
I’m going to say something I might get flak for: this rally isn’t being driven by retail traders. Someone is using this market to show off their position, pumping it for the other side to see. Those who bought in size at the lows are sitting on a sure win at these prices. Most of the people who got caught chasing the top only caught on once it was above 0.05.
Here’s the point of contention: I don’t think this kind of price action should be called a “surge.” It looks more like positions changing hands, with the price move just a by-product. The real test for $PUMPBTC isn’t today—it’s whether trading volume can hold up over the next 48 hours.
At this price, I’m just watching from the sidelines. I’m not getting involved.
I’m going to say something I might get flak for: this rally isn’t being driven by retail traders. Someone is using this market to show off their position, pumping it for the other side to see. Those who bought in size at the lows are sitting on a sure win at these prices. Most of the people who got caught chasing the top only caught on once it was above 0.05.
Here’s the point of contention: I don’t think this kind of price action should be called a “surge.” It looks more like positions changing hands, with the price move just a by-product. The real test for $PUMPBTC isn’t today—it’s whether trading volume can hold up over the next 48 hours.
At this price, I’m just watching from the sidelines. I’m not getting involved.