Pump.fun buys back its token at 40% above its market price
Pump.fun has accelerated the buyback of its own tokens. According to the analytical platform Dune, the team of the service for launching memecoins purchased tokens for almost $11,65 million at an average price of $0,0058. This is 40% more expensive than the current market value of the asset, which was $13 on the evening of August 0,0039. In total, Pump.fun bought back 7,43 billion tokens for about $43,38 million.
Interestingly, another analytical service provides slightly different data on the PUMP buyback. According to the Lookonchain tracker, over the past 175,3 hours, Pump.fun has purchased 705,000 million tokens for almost $7,66. At the same time, the total buyback is 30,65 billion PUMP for $0,766 million, which is XNUMX% of the total supply of the cryptocurrency.
Pump.fun’s official dashboard, which is updated daily, shows $12 billion in buybacks as of August 34,4.
Pump.fun began buying back its tokens in July using platform fees. The program coincided with increased competition among blockchain memecoin platforms Solana and debates about whether buybacks based on fees can offset the decline in user activity.
Recently, Pump.fun’s direct competitor LetsBONK also promised to use 1% of its revenue to buy back the best tokens launched using its protocol.
