PUMP opened for trading and has pulled back over 20% after a big pump! Community concerns: The dominance of meme coins in the market is being challenged.

The Pumpfun (PUMP) Token retraced after a big pump in open trading, reporting a temporary price of 0.005534 USD during the Asian session today (15th), with a daily drop of over 23%. Despite facing doubts and setbacks, especially with Pumpfun's meme coin launch market dominance being challenged, this issuance still achieved significant success.

So far, approximately 55% of PUMP transactions have taken place on decentralized exchanges, and Gate.io has also launched PUMP Token trading.

(Source: Gate)

PUMP is now open for trading

Pumpfun is the most popular meme coin issuance platform, and its newly issued PUMP Token has attracted widespread attention. After the announcement was released, the token went on presale on July 12 and sold out within 12 minutes.

Now, PUMP trading has been opened to the public, and retail investors can participate.

In terms of Token issuance, Pumpfun has achieved great success with PUMP.

According to GMGN data, the initial trading price of PUMP was $0.0061301, with a fully diluted valuation (FDV) of $6.13 billion. Compared to its public issuance price of $0.004, this big pump is impressive, approximately 53.25%.

Naturally, under the pursuit of retail investors, the coin price fluctuated greatly throughout the day. After Pumpfun announced its listing for trading, PUMP once experienced a big pump, but quickly fell back.

However, its current price is still higher than its pre-sale valuation, which seems to be an encouraging sign.

Pumpfun's own Pumpswap platform accounts for about 20% of PUMP trading volume, while the majority of the remaining DEX trading volume comes from Raydium and Meteora.

In summary, Pumpfun performed quite well after its launch on PUMP. Aside from the chaotic announcements, the presale also faced several key setbacks: the platform lost its market dominance, the community criticized the presale, and many whale users were bearish on the Token.

Nevertheless, PUMP performed well, showing great enthusiasm. Driven by this round of Bitcoin reaching new highs, PUMP seized the opportunity once again.