BlockBeats news, on July 19, trader Eugene Ng Ah Sio posted on his personal channel that he recently bought some PUMP. Although he did not participate at the time due to the market hype when the project launched (considering the high attention it received), this recent wave of selling has instead sparked his interest.
Considering the frenzy during the project's launch, the average entry price for most investors may be around 0.005 USD or higher. Now that the price has dropped to 0.004 USD, almost everyone is in a severe loss, especially when ETH has risen 30% in a week, holding an asset that has dropped 25% is indeed agonizing—this has triggered significant selling behavior.
0.004 USD should be an important support level, as there was a significant oversubscription during the ICO pricing (remember how many participants complained about not being able to secure a quota), so personal bets at the current price are only temporary. In addition, there are several potential positive factors:
· Alon may return and bring substantial benefits to token holders (the current market expectation is that he will only maximize cashing out)
· The platform is expected to regain market share from BonkFun
Based on these factors, Eugene believes the price may rebound to the 0.006-0.007 USD range.
