The cryptocurrency market saw a strong performance today, with meme coin favorites Fartcoin (FARTCOIN) and Pump.fun (PUMP) emerging as the top gainers among major tokens.
Fartcoin jumped 20.8% to $1.06, lifting its market capitalization to $1.06 billion, while Pump.fun surged 16.2% to $0.004003, reaching a $1.41 billion market cap.
Pump.fun Rallies on Aggressive Buybacks
Pump.fun’s surge comes on the back of significant token buybacks. Between August 5 and 11, the platform repurchased $33.13 million worth of PUMP, utilizing 97.29% of its weekly revenue. This move reduced the circulating supply to 354 billion tokens, with buybacks now totaling 0.729% of the one trillion supply.
Historically, such aggressive buyback activity has coincided with weekly gains of around 27.7%. Pump.fun’s dominance in the token launch sector, with a 73.6% market share from 26,836 daily launches, provides a steady revenue stream to sustain future buybacks. The rally also aligns with renewed momentum in the Solana ecosystem, where total value locked has reached $10.24 billion, aided by regulatory clarity on liquid staking tokens.
Fartcoin Bounces from Key Support Levels
Fartcoin’s rise was fueled by a rebound from critical technical levels – the 0.50 Fibonacci retracement at $0.92 and the 200-day EMA at $0.96. These levels have historically attracted buyer interest, and the token’s ability to hold above the psychological $1.00 mark signaled renewed confidence. The RSI14 climbed from oversold territory, hinting at short-term momentum, though the MACD remains bearish.
A breakout above $1.28 could set the stage for a push toward $1.70, while a failure to hold recent gains risks a drop back to $0.89.
Cross-Ecosystem Boost
Fartcoin’s rally may have also benefited from Pump.fun’s recent “Glass Full Foundation” liquidity initiative, which began injecting funds into Solana-based tokens on August 7. The program aims to stabilize prices and counter declining platform revenues, though analysts caution that long-term sustainability will depend on improving underlying fundamentals.
Market Outlook
With both tokens riding strong technical and fundamental catalysts, traders are watching whether today’s momentum can carry into the week. For Pump.fun, the continuation of aggressive buybacks will be key, while Fartcoin’s next challenge lies in breaking its major resistance zone.
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Source: https://coindoo.com/fartcoin-and-pump-fun-lead-crypto-market-gains-with-double-digit-rallies/