Pump.enjoyable has spent greater than $62.6 million repurchasing its native token, PUMP, in response to information from Dune Analytics. The buybacks have soaked up over 16.5 billion tokens at a median value of $0.003785, because the platform seems to be to stabilize value motion and cut back promote strain.
The buyback technique makes use of platform-generated income, primarily charges collected from customers launching memecoins, to execute every day token repurchases. Every day buybacks have persistently ranged between $1.3 million and $2.3 million over the previous week, Dune Analytics information shows.
Since launch, Pump.enjoyable has generated over $775 million in income, according to information from DefiLlama. Notably, the platform noticed a pointy income drop from July 28 to Aug. 3. Throughout that point, Pump.enjoyable introduced in solely $1.72 million weekly income, its lowest since March 2024.
In the meantime, the buyback initiative seems to be working. PUMP has gained greater than 12% over the previous month and round 9% over the previous week. The token is at present buying and selling at $0.003522, up 54% from its August low of $0.002282.
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PUMP holder depend tops 70,000
Onchain information additionally exhibits a wholesome uptick in person participation. The variety of distinctive PUMP holders has grown steadily to over 70,800, with smaller wallets (
The expansion comes because the Pump.enjoyable platform has just lately struggled to take care of its dominance within the Solana memecoin launchpad rankings. On July 7, a newly launched Solana platform known as LetsBonk took the top spot for 24-hour revenue, surpassing Pump.enjoyable.
In response to the Solana decentralized exchange (DEX) aggregator Jupiter, LetsBonk’s dominance continued throughout July, gaining extra market share than Pump.enjoyable on many events.
Nonetheless, Jupiter information suggests that Pump.enjoyable has reclaimed the No. 1 spot. Within the final seven days, the platform had a 73% market share and recorded $4.5 billion in buying and selling quantity. In distinction, LetsBonk’s market share has dropped to lower than 9%, with $543 million in quantity.
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Pump.enjoyable hit with $5.5 billion lawsuit
Whereas Pump.enjoyable continues to achieve traction, it’s now dealing with severe authorized strain. A category-action lawsuit filed on Jan. 30 accuses the platform of using “guerrilla marketing” tactics to generate synthetic hype and urgency round extremely unstable tokens.
The case was amended on July 23, with plaintiffs describing Pump.enjoyable as an “unlicensed on line casino.” The up to date submitting likens the platform’s construction to a “rigged slot machine,” claiming that early individuals revenue by offloading tokens onto later entrants. The swimsuit alleges complete investor losses have reached $5.5 billion.
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