PUMP Token Jumps 15% on $33M Buyback by Pump.fun
PUMP Price Surges as Pump.fun Executes Massive Token Buyback
The price of the PUMP token experienced a significant rise, increasing by over 15% in a single day and reaching $0.0039772. This surge follows an announcement by Pump.fun regarding a substantial buyback of its own tokens. According to TradingView data, the PUMP price is up by 27.67% this week, although it has decreased by 0.61% over the past month.
The recent upward trend suggests growing bullish sentiment among traders, fueled by increased market activity and confidence in the Pump.fun team's commitment to reducing token supply through buybacks.
Key Buyback Details
- Between August 5 and August 11, Pump.fun repurchased approximately $8.42 million worth of PUMP.
- This amount represents 97.29% of the platform's total revenue for that week.
- To date, Pump.fun has bought back a total of $33.13 million worth of PUMP since the program's inception.
- This represents 0.729% of the token's total supply of 1 trillion PUMP.
These buybacks are intended to decrease the token supply and increase its value, contributing to the current price rally. On-chain data indicates that the latest weekly buyback is among the largest since the program began.
Increased market demand and trading volumes of PUMP have driven this repurchase. Revenue metrics and buying patterns indicate a sharp rise in token purchases at the start of August, peaking on August 10 before a slight decline.
Market Dominance and Buyback Strategy
Pump.fun is approaching a 100% buyback rate in revenue, a rare achievement for tokenomics-driven projects. This, combined with increased marketplace activity, is expected to boost the long-term growth of the Pump.fun ecosystem. Market analysts predict that if this trend continues, PUMP could test higher resistance levels in the coming weeks.
Pump.fun has regained its leading position as the meme coin launchpad on Solana, surpassing LetsBonk. Data from Adam Tehc's Dune dashboard shows that 26,836 tokens were issued via Pump.fun on August 11, representing 73.6% of the 36,458 tokens launched that day.
In comparison, Bags came in second with 4,030 tokens (11%), followed by LetsBonk with 1,813 tokens (5%). In the last 24 hours, Pump.fun generated $1.85 million in revenue, compared to Bags' $136,834 (7.4%) and BonkFun's $66,404 (3.6%).
Trading volume reached $195.76 million, giving Pump.fun a 77.4% market share, significantly ahead of Bags' $38.77 million (15.3%) and BonkFun's $10.55 million (4.2%). This data indicates a strong resurgence for Pump.fun in the meme coin landscape.