PUMP Falls 7.2%, Faces Criticism Despite $175M Buybacks

Pump.fun (PUMP) has decreased by 7.2% in the past 24 hours, trading slightly above a crucial support zone at $0.0034.

PUMP has been on a two-month downtrend, losing around 58% since mid-September.
The price drop has drawn criticism from the crypto community, including Arthur Cheong of DeFiance Capital.
Cheong highlighted that PUMP remains below its July public sale price of $0.004 despite significant buybacks.
Pump.fun has repurchased about 11% of its circulating supply, totaling over $175 million, with potential annual buybacks reaching $400-$500 million.
Despite buybacks, PUMP's price continues to decline, raising concerns about the project's sustainability.

Challenges Facing Pump.fun

Skepticism is increasing due to internal issues and a cooling meme coin market.
An increase in inorganic token launches has created artificial hype, while retail interest in meme coins wanes.
Pump.fun faces a U.S. class-action lawsuit over unregistered token sales and alleged large-scale losses.
Critics point to slow governance implementation and inconsistent communication.
A pending PUMP airdrop exacerbates supply concerns and erodes community trust.

Many investors have lost confidence in PUMP and the broader meme coin sector.
Crypto trader ACX suggests PUMP may break out from a descending triangle pattern, potentially falling to $0.0025 before an upward move.
Altcoin Sherpa sees a mid-term opportunity for PUMP in the next 4-12 weeks due to strong platform revenue.
If PUMP holds the $0.0034 support, it could reverse recent losses and establish a bullish setup.