Pump.fun announced the acquisition of a leading multi-chain trading terminal to further expand its ecosystem, triggering a 10% price surge for the platform\u2019s token, PUMP.<\/p>\n
On Friday, Solana\u2019s leading launchpad, Pump.fun, announced<\/a> it had acquired multichain trading terminal Padre for an undisclosed amount as part of its \u201cmission to tokenize the world\u2019s highest-potential opportunities.\u201d<\/p>\n The platform explained that trading terminals have \u201ccaptured most trading volumes in the ecosystem\u201d for the past year. Therefore, the acquisition of Padre, which supports trading across Ethereum, Solana, BNB Chain, and Base, \u201cwas a no-brainer,\u201d Pump.fun\u2019s co-founder Alon Cohen affirmed<\/a>.<\/p>\n \u201cToday marks another historic day for the PUMP ecosystem. What we\u2019re known for is innovating, growing the market as a whole and creating the most retail-friendly products,\u201d Cohen wrote on X.<\/p>\n \u201cBut we have always wanted to find more ways to support and reward our existing, loyal user base, most of which uses pro trading terminals,\u201d he continued, adding that \u201cthe Padre team has shown the most grit, execution capability and integrity out of any crypto team I have gotten to know.\u201d<\/p>\n According to the official announcement, Padre will function as usual, but users will experience significant upgrades in user experience, especially for tokens launched<\/a> on Pump.fun. Additionally, the integration will improve data and speed, and offer better trading incentives.<\/p>\n Following the news, Pump.fun\u2019s token, PUMP, became one of the best-performing tokens in the past 24 hours, jumping 11.6% to a one-week high of $0.0043. The cryptocurrency has been trading within the $0.0036-$0.0046 price range since the early October correction.<\/p>\n Analyst Sjuul from AltCryptoGems noted<\/a> that yesterday, PUMP was \u201cin a bit of trouble\u201d after retesting the range lows, needing to break out of a bearish structure to prevent a breakdown to lower levels.<\/p>\n After today\u2019s rally, PUMP \u201cfinally broke that structure,\u201d suggesting that the range high should be the next target for the cryptocurrency\u2019s price.<\/p>\n A potential breakout from this range could set the stage<\/a> for a retest of the $0.005 mark, a key support and resistance level during the Q3 rally that was lost during the October 10 pullback.<\/p>\n PADRE Crash Drives Community Backlash<\/p>\n Despite the PUMP rally, Pump.fun received some backlash<\/a> after the acquisition. Padre\u2019s users slammed the memecoin launchpad for one of the key changes listed in the announcement.<\/p>\n According to the official X post, trading terminal\u2019s token<\/a>, PADRE, \u201cwill no longer have utility on the platform with no further plans for the future.\u201d As a result, the cryptocurrency dropped 76% in an hour to a multi-month low of $0.009 before stabilizing at around $0.0139.<\/p>\nPUMP Breaks Out Of Bearish Structure<\/h2>\n