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Pump.fun PUMP Buybacks Surpass $205M, Leading Solana Protocols
PUMP Token Buyback Achievements
- Pump.fun's PUMP token has achieved over $205 million in cumulative buybacks, surpassing all Solana protocols.
- In five months, 13.8% of the circulating supply was removed, indicating high demand.
- Daily revenue is used to purchase PUMP from the market, maintaining consistent buybacks.
- On Dec. 10, 401.5 million tokens were bought back for $1.2 million using 8,750 SOL.
Impact on Solana and Token Launches
- Pump.fun powers over 80% of token launches on Solana as a dominant force.
- It allows token creation at minimal cost, facilitating rapid launches.
- Raised $500 million in July PUMP token sale, reaching a $4 billion valuation quickly.
- Challenges include post-launch failures due to scams and liquidity issues.
Price Analysis: Technical Outlook
- PUMP trades around $0.00277 within a descending wedge pattern.
- A breakout could target resistance at $0.005, an 89% potential increase.
- If support fails, next Fibonacci levels are near $0.0015 and $0.0010.
