On-Chain Data Reveals the Real Driver of PUMP’s 11% Rally: Whale Buys

• The price of the Pump.fun (PUMP) token has surged by over 11% in the last 24 hours
• On-chain data shows large whales, including GSR, are accumulating millions in PUMP tokens
• The rally is also supported by a bullish flip in the funding rate and a $22.8M buyback program

The Pump.fun (PUMP) token has caught a bid, jumping over 11% in the last 24 hours to trade around $0.00322 on Tuesday. This move is backed by a combination of bullish technicals, a strong token buyback program, and clear signs of accumulation by large whale traders.

Three Key Drivers Behind the PUMP Rally

A look at the data reveals three powerful factors fueling the renewed bullish sentiment for PUMP.

Rising Conviction from Whale Traders

First, whale traders are accumulating. In the past 24 hours, on-chain data shows a sharp uptick in demand, with the crypto venture firm GSR withdrawing $4.6 million worth of PUMP from an exchange. 

Yet another whale deposited 1.06 billion PUMP tokens and opened a 3x long position on Hyperliquid at around $0.00308 and set a liquidation of around $0.0013172.

Buyback Program

Second, the platform’s token buyback program is actively reducing supply. Funded by fees from the popular memecoin launchpad, the program has already repurchased $22.8 million worth of PUMP tokens from the open market, creating a supportive floor for the price.

PUMP funding rates turn positive across Exchanges

Third, the derivatives market is turning bullish. According to data from Coinglass, the average funding rate for PUMP across major exchanges turned positive on Monday.

Historically, a shift to a positive funding rate signals that traders are increasingly willing to pay a premium to hold long positions, a classic sign of strengthening bullish conviction.

Related: Pump.fun (PUMP) Price Prediction for August 2025

What the Technicals Say About PUMP’s Next Move

From a technical perspective, the PUMP price has been trying to regain its footing in recent days. On the four-hour chart, the price must consistently close above $0.00318 to open the door to a midterm target of around $0.004.

Related: PUMP Price Tests Critical Floor After $5.9 Million in Bullish Bets Wiped Out

If the broader crypto market sees a downturn, PUMP will need to hold above the lower border of its established rising trendline to avoid a drop back to the $0.0023 support level. For now, momentum is on the bulls’ side, with the MACD indicator having recently crossed above its signal line, a historically bullish sign.