$PUMP didn’t just move up it rotated participants. The early part of the chart was controlled by passive buyers quietly absorbing fills, but the shift came when volumes flipped from background noise to active participation. The long green expansion candle from 0.002323 → 0.003193 is where retail finally joined the bid and liquidity stopped being one-sided.

What’s interesting here isn’t the top wick, it’s the transition: the market went from hesitant sellers to no-offer zones, where price had to climb vertically just to find inventory. That’s a sign that the float temporarily tightened not because of hype, but because no one wanted to sell at previous levels.

Once it tagged new highs, the crowd composition changed again. Momentum traders entered, profit-takers surfaced, and micro-arbitrage bots started balancing spreads. This phase usually doesn’t resolve immediately; it needs a short consolidation for new bids to prove they’re real.

If the base shifts upward and 0.00305–0.00310 becomes a defended zone, rotation continues and the next leg becomes mechanical. If it doesn’t, the move unwinds back to the origin and the cycle resets with new participants.

Markets pump for a reason. They hold for a much more interesting one.