The Solana-based platform Pump.fun is set to introduce a new 30-day rewards initiative that has attracted investors' attention to its PUMP token.
Details of the Rewards Initiative
Research group Dumpster DAO uncovered changes in the Pump.fun SDK indicating an imminent rewards distribution mechanism. Users are expected to earn rewards for active trading participation with the PUMP token. Although the information is not yet official, the updates in SDK structure suggest a potential extension beyond the initial timeframe.
Market Reaction and Investor Sentiment
Following news of the postponed airdrop, PUMP fell over 12%, but after the announcement of the new rewards, it surged over 17%, trading at around $0.00285. The token's market capitalization stands just above $1 billion, though still below its initial offering price.
Comparison with Competitors and Future Outlook
Despite a decline in Pump.fun's influence within the Solana meme token ecosystem, the platform maintains a loyal community. Currently, it holds 14.7% of the market with $55 million in 24-hour trading volume, while the main competitor LetsbonkFun commands over 80% of the market. If the initiative proves effective, Pump.fun could recover its standing in the competitive market.
The rewards initiative from Pump.fun could be a key step in revitalizing interest in the platform and its PUMP token, especially in a fiercely competitive meme token market.
