Pump.fun token price soared more than 15% as a $33 million buyback and commanding 77% meme coin launchpad market share drove up the price.
Pump.fun Rises 15% After Massive Token Buys
The PUMP price increased more than 15% within a day and touched $0.0039772 after Pump.fun announced a major purchase of their tokens. According to TradingView chart, PUMP price is up by 27.67% this week but has dropped by 0.61% this past month.
However, its recent rise suggests increased bullishness among traders. The rally follows heightened market activity. It also shows the market’s confidence in the current commitment of the project’s team in buying back the tokens.
The Pump.fun platform revealed that it repurchased approximately $8.42 million worth of PUMP between August 5 and August 11. This amount represented 97.29% of its total revenue for the week.
According to the company’s data, Pump.fun has now bought back $33.13 million worth of PUMP since the program began. It represents 0.729% of the 1 trillion PUMP supply of the token.
The transaction reinforces the goal of lowering the token’s supply and boosting its value, adding to the current price rally. According to on-chain data released by Pump.fun, the current weekly buyback is among the biggest since the program was launched.
The repurchase aligns with growing trade volumes of PUMP prompted by the increased market demand. The revenue metrics and buying patterns suggest that there was a sharp increase in token buying at the beginning of August. The highest value was recorded on August 10 before a slight dip.
Buyback Strategy Drives Market Dominance
Using the most recent analytics, Pump.fun is nearing a 100% buyback rate in revenue. It is a feat very few projects in tokenomics-driven projects have ever achieved.
The combination of the rise in Pump.fun buybacks along with activity in the marketplace will boost the long-term growth of the ecosystem. According to market analysts, if the trend remains, PUMP is likely to test higher resistance price levels in the next few weeks.
Pump.fun regained the leadership in the meme coin launchpad on Solana and surpassed LetsBonk. According to the data from the Dune dashboard by Adam Tehc, 26,836 tokens were issued via the Pump.fun on August 11. It represents to 73.6% of the total 36,458 that were launched on that day.
Bags came second with 4,030 tokens (11%), followed by LetsBonk that issued 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, well ahead of Bags’ $38.77 million (15.3%) and BonkFun’s $10.55 million (4.2%). Tehc noted Pump.fun’s lead in both token creation and volume marks a strong resurgence in the meme coin wars.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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