Pump.fun spends over $62M on buybacks to boost PUMP price

Cointelegraph

Pump.fun has spent more than $62.6 million repurchasing its native token, PUMP, according to data from Dune Analytics. The buybacks have soaked up over 16.5 billion tokens at an average cost of $0.003785, as the platform looks to stabilize price action and reduce sell pressure.

The buyback strategy uses platform-generated revenue, primarily fees collected from users launching memecoins, to execute daily token repurchases. Daily buybacks have consistently ranged between $1.3 million and $2.3 million over the past week, Dune Analytics data shows.

Since launch, Pump.fun has generated over $775 million in revenue, according to data from DefiLlama. Notably, the platform saw a sharp revenue drop from July 28 to Aug. 3. During that time, Pump.fun brought in only $1.72 million weekly revenue, its lowest since March 2024.

Meanwhile, the buyback initiative appears to be working. PUMP has gained more than 12% over the past month and around 9% over the past week. The token is currently trading at $0.003522, up 54% from its August low of $0.002282.

PUMP holder count tops 70,000

Onchain data also shows a healthy uptick in user participation. The number of unique PUMP holders has grown steadily to over 70,800, with smaller wallets (<10K PUMP) now accounting for 46% of distribution. The broadening of ownership indicates growing retail engagement.

The growth comes as the Pump.fun platform has recently struggled to maintain its dominance in the Solana memecoin launchpad rankings. On July 7, a newly launched Solana platform called LetsBonk took the top spot for 24-hour revenue, surpassing Pump.fun.

According to the Solana decentralized exchange (DEX) aggregator Jupiter, LetsBonk’s dominance continued throughout July, gaining more market share than Pump.fun on many occasions.

Still, Jupiter data suggests that Pump.fun has reclaimed the No. 1 spot. In the last seven days, the platform had a 73% market share and recorded $4.5 billion in trading volume. In contrast, LetsBonk’s market share has dropped to less than 9%, with $543 million in volume.

Pump.fun hit with $5.5 billion lawsuit

While Pump.fun continues to gain traction, it’s now facing serious legal pressure. A class-action lawsuit filed on Jan. 30 accuses the platform of using “guerrilla marketing” tactics to generate artificial hype and urgency around highly volatile tokens.

The case was amended on July 23, with plaintiffs describing Pump.fun as an “unlicensed casino.” The updated filing likens the platform’s structure to a “rigged slot machine,” claiming that early participants profit by offloading tokens onto later entrants. The suit alleges total investor losses have reached $5.5 billion.

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Pump.fun spends over $62M on buybacks to boost PUMP price

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