Pump.fun (PUMP) token’s price climbed to a two-month high on Monday as crypto trader Ansem disclosed a new position in the token and laid out a bullish case for the Solana (SOL) launchpad.

The move extended a rally that began Sunday, when PUMP jumped from about $0.0016 to $0.0019 as a viral meme coin drove attention towards the platform.

PUMP Rally Rolls Into Second Day After Top Trader Ansem Buys In

Sunday’s gains coincided with a meme coin frenzy around Jimothy The Raccoon (JIMOTHY).  The token climbed 186% in 24 hours to a market cap of nearly $11 million. 

The rally carried into Monday. PUMP jumped more than 23% and ranked as the top gainer among the 100 largest cryptocurrencies on CoinGecko.

The token reached an intraday high of $0.00207, its strongest level since May 12. It traded at $0.00203 at press time.

The surge came after Ansem said he bought PUMP on the reclaim of former support near $0.001675. 

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The trader tied his bullish thesis to Solana reclaiming retail activity this cycle. 

“thesis: making 30-40M a month during bear market for onchain, believe that  SOL will dominate retail activity again this cycle and Pump.fun will be most likely beneficiary of this activity if that happens,” he said.

Ansem also suggested a large token airdrop could reignite on-chain activity, drawing comparisons with Jito (JTO) and Jupiter’s (JUP) distributions in late 2023, which helped drive trading volumes across the Solana ecosystem.  

“also just hard for me to believe that they don’t want the token to do well as they own a meaningful amount of it which just started unlocking & their entire business is centered around allowing retail to speculate on tokenization,” Ansem added.

Lastly, he identified that a drop to $0.0014 as the point at which his thesis would be invalidated.

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Source: BeInCrypto