Cryptocurrency prices continued to rise on Tuesday as Bitcoin surpassed $117,000.
While altcoins stall ahead of a potential breakout, Pump.fun’s native token led the rebound, rising over 13% in the past 24 hours.
Expanding accumulation by large investors accelerated the PUMP rally.
According to Lookonchain, four whales today purchased 2.74 billion PUMP coins worth approximately $14 million at market price.
The notable buildup comes as markets brace for a major breakout, with all eyes on the Fed's interest rate decision on Wednesday.
The timing of these purchases likely signals confidence in the coming economic recovery among influential market players.
PUMP mass withdrawal from exchanges
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Investors executed their purchases on a variety of trading platforms, including OKX, Wintermute, Bybit, and Binance.
Wallet address GfcyaW executed the most notable transaction, withdrawing 1.29 billion PUMP worth approximately $6.4 million from OKX.
Investors currently hold $3.31 billion in Pump.fun coins, worth approximately $16.5 million.
Such large withdrawals from exchanges often signal bullish sentiment, as smart investors often move assets out of crypto exchanges when planning to hold for the long term.
GfcyaW's accumulation reflects how savvy and wealthy investors are positioning themselves as fear and uncertainty grip the overall market.
Meanwhile, three new addresses also joined the PUMP buying trend, transferring millions of dollars worth of tokens from major trading platforms.
Withdrawals included 513.92 million coins worth $2.48 million from Wintermute, 468.95 million tokens worth $2.33 million from Binance, and 466.9 million PUMP ($2.33 million) from Bybit.
It remains unclear whether these wallets are linked, but the timing and scale of the transfers have sparked debate about coordinated accumulation.
Whale accumulation is often a harbinger of a breakout.
Asset transfers by large investors generally affect market movements and price fluctuations.
Most whales have insider information and tend to enter when prices are about to spike and exit when a downtrend begins.
Moving cryptocurrencies off exchanges ultimately reduces the supply of available tokens and reduces selling pressure.
Tight supply and renewed market interest will drive the near-term rally.
pump price action
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Launchpad’s native token showed a bullish daily chart.
PUMP has risen over 13% in the past 24 hours to $0.005190.
It also surged more than 28% last week, boosted by bullish news such as the Padre App acquisition.
According to the announcement:
Padre is an industry-leading trading terminal that provides professional traders with a seamless, fast trading experience with next-level analytics.
The digital token's daily trading volume increased by 30% to $459 million, indicating increased trader activity.
PUMP appears to be trending higher, especially as the overall market is showing optimism.
The market is expecting a 25bp rate cut tomorrow.
The Fed's dovish move could be the much-needed catalyst for a bullish performance in the coming weeks and months.
