Competition between the memecoins, Pump Token and Bonk Coin, on the Solana blockchain continues to grow. Both tokens demonstrate various strategies to maintain traders' interest.
Pump Token's Comeback through Buybacks and Trading Volume
Pump Token's revival centers on aggressive buybacks and high trading volume. On July 28, the project transferred 12,000 SOL (approximately $2.16 million) into its buyback pool to prop up price levels. This move helped PUMP break above a descending resistance line that had capped gains since its July 16 peak at $0.0052.
Despite daily revenue for Pump Token dropping to $293,187 — the lowest since September 2024 — this downturn spurred leadership to double down on buybacks and marketing partnerships across Solana DEXs. With a circulating supply of 354 billion PUMP and a market cap just above $1.1 billion, Pump Token is now ranked #72 by CoinMarketCap, up from #85 a month ago.
Bonk Coin's Decline Amid Institutional Selling
Bonk Coin's ascent was fueled by community-driven burns and NFT integrations. However, recent institutional selling and risk-off sentiment swept through the market, resulting in a 14% price drop within 24 hours as over 2.6 trillion BONK tokens were moved off whale wallets.
These sales have raised concerns about Bonk Coin's sustainability during high selling waves that may threaten its performance in the future. Currently, the price hovers around $0.000031, and traders are questioning whether hype alone can withstand Pump Token's buyback counterattack.
Which Token Will Claim Solana's Crown?
With renewed buybacks and rising whale accumulation, Pump Token may reclaim pent-up Solana demand. Its breakout above resistance and market cap climb signal a second wind for traders hunting multi-x returns.
Conversely, Bonk Coin still commands larger trading volume and a vast meme-coin community, but recent institutional exits highlight vulnerabilities in broader crypto market downturns.
The competition between Pump Token and Bonk Coin on Solana continues to evolve, with concerning signs for Bonk Coin potentially benefiting Pump Token, which is leveraging its buyback strategy to attract traders. Meanwhile, the question remains which token will ultimately take the lead in the market.
