Pump.fun Repurchases 175.3 Million PUMP Tokens Worth $705,000
Pump.fun, a Solana-based meme coin launchpad, has executed a buyback of 175.3 million PUMP tokens, valued at approximately $705,000, to stabilize its native token amidst recent price declines.
- Total buybacks have reached 7.66 billion PUMP, worth around $30.65 million, which constitutes 0.766% of the total supply.
- The buyback coincided with a 16.5% increase in PUMP's price over the last 24 hours.
- PUMP's trading volume rose by 27%, now at $500 million.
- Pump.fun recently raised $600 million in a major ICO within 12 minutes.
Market Context
- Pump.fun launched 26,795 tokens on August 12, outperforming competitors like LetsBonk, which launched 1,580 tokens.
- Despite gains, Pump.fun’s daily revenue has dropped from over $7 million in January to around $250,000 as of August 12.
- The Glass Full Foundation was launched to provide financial support for community projects in the Solana ecosystem.
PUMP Price Analysis
- PUMP is testing the upper Bollinger Band, indicating bullish momentum but potential short-term overextension.
- A close above $0.00410 may push the price towards $0.00450.
- The Relative Strength Index (RSI) suggests possible overbought conditions; support is expected around $0.00355 if prices decline.
- PUMP remains 66% lower than its all-time high of $0.01214 recorded on July 13.
PUMP price chart with RSI and Bollinger Bands | Source: Trading View