Pump.Fun rises 10% after acquiring Trading Terminal Padre

Pump.enjoyable introduced the acquisition of a number one multi-chain buying and selling terminal to additional broaden its ecosystem, triggering a ten% worth improve for the platform’s token, PUMP.

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Pump.enjoyable acquires Padre

On Friday, Solana’s industry-leading launch pad, Pump.enjoyable, launched announced it had acquired the Padre multichain buying and selling terminal for an undisclosed quantity as a part of its “mission to represent the very best potential alternatives on the earth.”

The platform defined that buying and selling terminals “captured probably the most buying and selling volumes within the ecosystem” over the previous yr. That is why the acquisition of Padre, which helps buying and selling of Ethereum, Solana, BNB Chain and Base, was “a no brainer,” mentioned Pump.enjoyable co-founder Alon Cohen. confirmed.

“As we speak is one other historic day for the PUMP ecosystem. What we’re recognized for is innovation, rising the market as a complete and creating probably the most retail-friendly merchandise,” Cohen wrote on X.

“However we’ve got at all times wished to search out extra methods to assist and reward our present, loyal person base, most of whom use skilled buying and selling terminals,” he continued, including that “the Padre staff has demonstrated probably the most grit, execution capability and integrity of any crypto staff I’ve come to know.”

In response to the official announcement, Padre will perform as traditional, however customers will expertise important upgrades within the person expertise, particularly for tokens launched on Pump.enjoyable. Moreover, the combination will enhance knowledge and pace and supply higher buying and selling incentives.

PUMP breaks out of the bearish construction

Following the information, Pump.enjoyable’s token PUMP grew to become among the best performing tokens over the previous 24 hours, rising 11.6% to a one-week excessive of $0.0043. The cryptocurrency has been buying and selling inside the $0.0036-$0.0046 worth vary because the early October correction.

Analyst Sjuul from AltCryptoGems noted that PUMP was “in a little bit of hassle” yesterday after retesting the vary lows, and needed to escape of a bearish construction to keep away from a breakdown to decrease ranges.

After at the moment’s rally, PUMP has “lastly damaged that construction,” suggesting the vary excessive ought to be the subsequent goal for the cryptocurrency’s worth.

A possible breakout from this vary may set the stage for a retest of the $0.005 mark, a key assist and resistance stage in the course of the third-quarter rally that was misplaced in the course of the Oct. 10 pullback.

PADRE crash sparks neighborhood backlash

Regardless of the PUMP rally, Pump.enjoyable obtained some resists after the takeover. Padre’s customers have criticized the memecoin launch pad for one of many key modifications talked about within the announcement.

In response to the official Because of this, the cryptocurrency fell 76% inside an hour to a multi-month low of $0.009 earlier than stabilizing round $0.0139.

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A person criticized the choice, which confirms that “when buying a product that has been in the marketplace for greater than a yr, (…) it will be very smart to additionally bear in mind individuals who have invested within the token.”

The person believes that “Posting a press release that makes the token completely ineffective and discontinuing it on this approach is abhorrent,” suggesting that the Pump.enjoyable staff ought to have taken a snapshot and introduced an airdrop for PADRE holders.

Featured picture from Unsplash.com, chart from TradingView.com