Solana-based token launch platform PumpFun conducted the first buyback of its token PUMP. The transaction was completed in a record short time and attracted the attention of the crypto community.
PUMP Token Buyback
According to data from Dumpster DAO, the project completed a buyback of approximately $2.3 million in tokens in just 20 minutes. The transaction was funded from Pump.fun's wallet, which consists of transaction fees.
Token Popularity After ICO
Launched yesterday, the PUMP token quickly gained popularity after a $600 million initial offering (ICO) held over the weekend, which sold out in just 12 minutes. After launching, the token quickly rose into the top 65 cryptocurrencies by market capitalization and currently ranks 63rd with a market capitalization of approximately $2 billion, according to CoinGecko. This value surpasses the market capitalization of the TRUMP memecoin and the rebranded Worldcoin project.
Market and Competitive Situation
Despite this success, PUMP still lags behind its rival BONK in market capitalization within the Solana ecosystem. The two projects are in fierce competition for the launch platform market. The token has been relatively stable throughout its first day of trading, fluctuating between $0.0049 and $0.0061. Currently, the price is around $0.0055. At its peak, PUMP has risen by 65% from its ICO price. According to Dune data, following these developments, 21.6% of ICO participants sold their tokens on decentralized exchanges, while 43.4% transferred their tokens from their wallets to other wallets.
The first buyback of PUMP tokens underscores the active development of the PumpFun platform and the growing interest in the new token. Observing its dynamics allows us to conclude about significant activity in the crypto market and upcoming competitive battles.
