Solana meme coin launchpad Pump.fun is reportedly set to launch an incentive program for the community using its PUMP token. This development around the Pump.fun incentive program has led to a spike in the token’s price, which is up double digits today.
Details About The Pump.fun Incentive Program
In an X post, crypto researcher Dumpster DAO stated that it appears that the meme coin launchpad is preparing to launch a volume incentives program that will last for at least 30 days. He noted that the PUMP token will serve as the rewards token.
Providing more details about the Pump.fun incentive program, the crypto researcher revealed that the team recently updated the official Pump SDK to support the program. The SDK now includes an admin function that sets parameters, including the number of tokens for daily distribution as part of the rewards.
Dumpster DAO also noted that there are methods for tracking user volume and claiming the token rewards. He added that the team has set the incentive system for 30 days. However, the team could reuse it or update it if they chose to extend the program beyond this period.
The development around the Pump.fun incentive program comes just days after the platform’s co-founder, Alon, announced a delay in airdrop plans. The PUMP token crashed by over 12% in one day following that announcement.
However, the PUMP price has now surged over 17% on the back of reports around the incentive program. CoinMarketCap data shows that the token is currently trading at around $0.002853, with a market cap of just over $1 billion. However, despite the surge, the token is still below its ICO price.
Plans To Revive The Platform’s Market Share?
Dumpster DAO noted that although the Pump.fun incentive program isn’t live yet, it looks to be an attempt from the platform to regain some market share via incentives. Jupiter data shows that LetsbonkFun is currently way ahead of Pump in terms of market share.
LetsbonkFun boasts a market share of 80.7%, with a trading volume of $303 million in the last 24 hours. Meanwhile, Pump.fun’s market share is at 14.7%, with a 24-hour trading volume of $55.3 million.
Pump’s market share has begun to dwindle even before the platform conducted its PUMP token ICO. Despite that, the token sold out in under 15 minutes during the ICO.
Meanwhile, Dumpster DAO also mentioned that the number of tokens up for grabs in the Pump.fun incentive program is still unknown. The most recent SDK version shows 1 billion PUMP tokens daily. However, the crypto researcher noted that this is just a test file and that distributing 3% of the supply as rewards in just one month seems high.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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