Morning Minute: PUMP Prints First Golden Cross as Revenue Hits Seven-Month High

Pump.fun's PUMP token has finally reached a milestone after a difficult period. The 50-day EMA crossed above its 200-day EMA for the first time since the token's launch, a technical indicator known as the "Golden Cross". This golden cross comes as PUMP's revenue hit a seven-month high. DefiLlama reports that Pump.fun generated $11.52 million in revenue over the past week, making it the fourth highest revenue-generating protocol in crypto.

This revenue is up from $5.33 million in the previous week and represents a significant improvement for the token. The team behind Pump.fun has been actively buying back and burning tokens, using half of every dollar of revenue for this purpose. This strategy has resulted in the team purchasing and burning $429 million of PUMP tokens, which is 28.58% of the total supply.

The team has also reduced app trading fees on Solana to 0% and to 0.1% cross-chain, effectively undercutting competitors while paying users to bring flow to the platform. This strategy appears to be working, with weekly app traders up 23% and a new all-time high in daily active traders last Thursday.