The platform Pump.fun, specializing in memecoins on Solana, has announced a significant buyback of its PUMP token worth over $62.6 million. These measures are aimed at reducing market pressure and stabilizing prices.
Buyback Data
According to Dune Analytics, the buyback program has absorbed over 16.5 billion tokens at an average price of $0.003785. Daily repurchases, funded by platform revenue, have ranged between $1.3 million and $2.3 million over the past week. Pump.fun's income comes primarily from fees charged to users for launching new memecoins.
Growth in Token Holders
The buybacks appear to be lifting sentiment: the PUMP token has gained 12% in the past month and 9% in the past week, trading at $0.003522. The number of unique PUMP holders has climbed to over 70,800, with smaller accounts holding under 10,000 tokens now making up nearly half of distribution, indicating stronger retail participation.
Legal Challenges for Pump.fun
Despite its market recovery, Pump.fun faces escalating legal pressure. A class-action lawsuit filed in January accuses the platform of using aggressive marketing to push volatile tokens, alleging investor losses of $5.5 billion. The case was filed in the Southern District of New York, naming both Pump.fun and several affiliated wallets as defendants.
Pump.fun continues to be an active player in the memecoin market; however, it must overcome both market and legal challenges to maintain its position and attract new users.
