Pump.fun, a Solana-based platform for creating and trading memecoins, has seen its PUMP token rally more than 15% following an extensive buyback program.
Massive Buyback Program
Since launching the program, the company has repurchased $33.61 million in tokens, amounting to 0.741% of the total supply of 1 trillion tokens. Buyback programs reduce market supply, which may drive up prices.
Trading Data and Market Overview
At the time of writing, the PUMP token was trading at $0.004053, up 12% in the last 24 hours. The price surge follows the announcement of an $8.42 million buyback between August 5 and 11.
Outlook on Memecoin Market
Should the buyback trend continue, PUMP could soon test higher resistance levels, marking a strong resurgence in the ongoing 'memecoin wars' on Solana. Data from Dune Analytics shows that on August 11, Pump.fun launched 26,836 new tokens, accounting for 73.6% of all memecoins created that day.
With Pump.fun’s recent actions and effective buyback program, the PUMP token continues to gain traction, showing potential for further growth in the memecoin market.
