Pump.fun has reasserted its dominance in Solana’s launchpad market, capturing more than 73% of daily revenue share among asset issuance platforms by late September, according to Blockworks data. The protocol had slipped three spots in mid-September but rebounded to lead in revenue generated, traded volume, and new memecoin contracts deployed on the network, as reported by SolanaFloor.
The turnaround has been reflected in the price of its governance token. Over a fourteen-day period, $PUMP climbed approximately 63% from $0.0035 to $0.0058, restoring its fully diluted valuation to around $5 billion. Overnight on September 30, the token added another 15%, while daily trading volume increased from $420 million to $506 million. Derivatives activity also spiked, with volume up 198.47% to $1.11 billion and open interest rising 17.26% to $429.46 million.
Financial data points to a strong buyback mechanism behind the move. Pump.fun has spent about $466.25 million on PUMP buybacks, removing roughly 16.84% of the total supply. Weekly protocol revenue surpassed $13.6 million, with half of those fees channeled into open-market repurchases and burns. DefiLlama data highlighted the platform's systematic supply absorption as a key factor behind the recent price strength.
Still, supply-side risks remain. Around 7 billion PUMP tokens worth $40.5 million enter circulation each month under early participant vesting schedules. The next monthly unlock cycle will test whether the buyback and burn program can offset that steady influx of new emission supply. Additionally, the broader decentralized trading environment cooled, with DEX volume across all chains falling to $48.9 billion for the week ending September 27, the lowest level in 30 days. Pump.fun’s own app remains smaller than some social trading rivals in daily active users, but internal volume on Solana hit an all-time high.
Solana’s price is also in focus. SOL traded at $118.56, down about 1% over 24 hours, just below the $120 resistance. Immediate support sits at $117.30, with a broader support zone from $113.77 to $117.92. Analysts see a possible push toward $123.96 and $127.50 if $120 is reclaimed, while a breakdown below $117 could put $110 in play. US inflation data is cited as the next macro catalyst that could sway risk assets.
The wider meme-coin market was weaker, down 4.2% to a $35.2 billion capitalization, suggesting the PUMP move may be driven by selective rotation rather than a broad sector bid. Traders are closely watching whether the rally can sustain itself beyond a short-term leverage-driven spike.
