Quick overview

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The meme asset crashed within hours of its July 12 listing. Shortly after going public, the token reached highs above 0.00002000, but it dropped to 0.00000235, representing an 86 percent daily decline.

Interest in Pump remains strong despite this volatility. Its significant fundraising has kept the fun high, making it one of the largest initial coin offerings ever. The token’s price movement reflects the typical volatility of overhyped public sales and meme coins.

PUMP surged to the 0.00002000 zone within hours of its July 12 listing before a wave of profit-taking erased the gains. The long upper wick on the daily chart suggests a speculative blowoff, followed by a complete retracement to the previous range support at 0.00000235. The price returns to just above the descending trendline that was resistance but now acts as support, aligning with the May high-volume node and indicating some underlying structure.

Meme coin market dynamics and typical post-ICO volatility are the main reasons behind PUMP’s sharp price drop.

The pump garnered 150 billion tokens sold to the public and 180 billion to private investors, raising more than $600 million in just 12 minutes

. A massive price decline resulted from a wave of selling triggered by the sudden increase in supply. The daily timeframe MACD remains technically bullish, with the MACD line above the signal and the histogram in positive territory.

However, following the speculative peak, the RSI has fallen back to neutral at 48.7 from its previous spike above 70, confirming a cool-off and signaling a significant sentiment reversal.