Pump.fun, the dominant memecoin launchpad on Solana with 84.1% market share, has completed a massive $58.7 million buyback of its native PUMP tokens. Between August 20th and 26th, the platform allocated its entire revenue of approximately $10.65 million to repurchase tokens, bringing the total repurchased amount to $58.7 million.
This strategic move reduced PUMP's circulating supply by 4.261%, representing 4.3% of the token's total supply. The buyback immediately impacted the market, with PUMP's price surging by 4% to approximately $0.003019. This price increase is part of a broader positive trend, with PUMP rebounding by 20% over the past two days.
The platform's market dominance is evident in its trading metrics, recording approximately $781 million in trading volume from over 413,000 traders in the last 24 hours. PUMP's market volume specifically surged by 17%, reaching $226 million. Pump.fun significantly outperforms its closest competitor, LetsBONK.fun, which holds just 5.72% market share.
The buyback program aligns with Pump.fun's strategy to strengthen the token's market position by decreasing available supply and alleviating downward pressure. The platform's revenue growth has been substantial, shifting from $451k to $1.39M daily revenue after recapturing leadership over rival launchpads. This financial strength enables continued buyback initiatives that enhance token scarcity and investor attractiveness.
