PUMP Rallies 10% Following Pump.Fun’s Acquisition Of Trading Terminal Padre
Pump.enjoyable introduced the acquisition of a number one multi-chain buying and selling terminal to additional develop its ecosystem, triggering a ten% value surge for the platform’s token, PUMP.
Pump.enjoyable Acquires Padre
On Friday, Solana’s main launchpad, Pump.enjoyable, announced it had acquired multichain buying and selling terminal Padre for an undisclosed quantity as a part of its “mission to tokenize the world’s highest-potential alternatives.”
The platform defined that buying and selling terminals have “captured most buying and selling volumes within the ecosystem” for the previous yr. Therefore, the acquisition of Padre, which helps buying and selling throughout Ethereum, Solana, BNB Chain, and Base, “was a no brainer,” Pump.enjoyable’s co-founder Alon Cohen affirmed.
“Today marks one other historic day for the PUMP ecosystem. What we’re identified for is innovating, rising the market as a complete and creating probably the most retail-friendly merchandise,” Cohen wrote on X.
“But we’ve got at all times needed to seek out extra methods to assist and reward our current, loyal consumer base, most of which makes use of professional buying and selling terminals,” he continued, including that “the Padre staff has proven probably the most grit, execution functionality and integrity out of any crypto staff I’ve gotten to know.”
According to the official announcement, Padre will operate as standard, however customers will expertise vital upgrades in consumer expertise, particularly for tokens launched on Pump.enjoyable. Additionally, the mixing will enhance information and pace, and provide higher buying and selling incentives.
PUMP Breaks Out Of Bearish Structure
Following the information, Pump.enjoyable’s token, PUMP, turned one of many best-performing tokens previously 24 hours, leaping 11.6% to a one-week high of $0.0043. The cryptocurrency has been buying and selling inside the $0.0036-$0.0046 value vary because the early October correction.
Analyst Sjuul from AltCryptoGems noted that yesterday, PUMP was “in a little bit of hassle” after retesting the vary lows, needing to interrupt out of a bearish construction to forestall a breakdown to decrease ranges.
After right this moment’s rally, PUMP “lastly broke that construction,” suggesting that the vary high needs to be the subsequent goal for the cryptocurrency’s value.
A possible breakout from this vary might set the stage for a retest of the $0.005 mark, a key assist and resistance degree throughout the Q3 rally that was misplaced throughout the October 10 pullback.
PADRE Crash Drives Community Backlash
Despite the PUMP rally, Pump.enjoyable acquired some backlash after the acquisition. Padre’s customers slammed the memecoin launchpad for one of many key modifications listed within the announcement.
According to the official X put up, buying and selling terminal’s token, PADRE, “will not have utility on the platform with no additional plans for the long run.” As a outcome, the cryptocurrency dropped 76% in an hour to a multi-month low of $0.009 earlier than stabilizing at round $0.0139.
A consumer criticized the choice, affirming that “once you purchase a product that has been available on the market for greater than a yr, (…) it might be actually sensible to bear in mind folks that have invested into the token as effectively.”
The consumer considers that “posting an announcement that renders the token completely ineffective and sunsetting it on this means is atrocious,” suggesting that the Pump.enjoyable staff ought to have taken a snapshot and introduced an airdrop for PADRE holders.
