Pump.fun Repurchases $58 Million Worth of PUMP Tokens

TLDR

• Pump.fun has spent $58 million to buy back 4.3% of PUMP token supply.

• PUMP price surged by 4% on the back of the latest token repurchase.

• The memecoin launchpad dominates 84% of the Solana market share.

• PUMP’s market volume surged by 17%, reaching $226 million in 24 hours.

Pump.fun, the largest meme coin launchpad on Solana, has announced a significant milestone in its ongoing token repurchase program. Between August 20th and 26th, the platform allocated its entire revenue of approximately $10.65 million to buy back $PUMP tokens. This brings the total repurchased to $58.7 million, representing 4.3% of PUMP’s total supply.

This move has had a noticeable effect on the token’s price, which surged by 4%, reaching approximately $0.003019. The latest price increase follows a positive trend for PUMP, which has rebounded by 20% over the past two days. The surge is attributed to the reduction in supply and the growing confidence in the project.

PUMP Token Buyback and its Impact on Supply

The PUMP token buyback program, driven by Pump.fun’s substantial revenue, has played a crucial role in reducing the circulating supply of the token. Last week alone, the platform used nearly all of its earnings to repurchase tokens, bringing the circulating supply of PUMP down by 4.261%.

This aligns with Pump.fun’s goal of strengthening the token’s market position by decreasing the available supply and alleviating downward pressure.

In the past two weeks, the platform had already repurchased $33 million worth of tokens, further reducing the supply and increasing scarcity. By buying back and holding tokens, Pump.fun aims to make the PUMP token more attractive to investors, leading to potential price appreciation.

Pump.fun’s Market Dominance and Growth

Pump.fun continues to dominate the meme coin launchpad space on Solana, holding an impressive 84.1% market share. With a strong track record and significant backing, the platform has established itself as the leader in the space. In the last 24 hours, Pump.fun recorded a trading volume of approximately $781 million from over 413,000 traders.

While its closest competitor, LetsBONK.fun, holds just 5.72% of the market share, Pump.fun’s superior liquidity and platform activity are evident. The platform’s success has been bolstered by the introduction of the Glass Full Foundation, which aims to provide liquidity to the most vibrant meme projects.

The growing confidence in Pump.fun is reflected not only in its dominant market share but also in its expansion efforts. The platform’s $58M buyback signals its commitment to long-term success and market stability. Additionally, the platform has attracted more developers and traders compared to its competitors, especially with the strategic initiatives like the Glass Full Foundation to ensure liquidity for new projects.

The post Pump.fun Repurchases $58 Million Worth of PUMP Tokens appeared first on CoinCentral.