Solana (SOL)-based memecoin launchpad Pump.fun has announced a major buyback of its native token, PUMP, boosting investor confidence as the broader crypto market declined. Between August 28 and September 3, Pump.fun spent $12.19 million on token repurchases, representing 98.23% of its weekly income, signaling a strong commitment to reducing supply and maintaining PUMP’s value.
Since the program’s inception, Pump.fun has spent nearly $72 million on buybacks, cutting circulating supply by 5.36%. Previous buybacks, such as the $33 million repurchase in early August, triggered a 15% price surge, reinforcing Pump.fun’s market leadership.
Following the latest buyback news, PUMP recovered to $0.004406, a 10% increase, despite a 2.2% decline in overall crypto capitalization. The platform remains dominant in Solana’s memecoin market, accounting for 75% of activity and minting nearly 27,000 tokens in 24 hours with a trading volume of $403 million—surpassing competitors like LetsBONK.fun.
Pump.fun also unveiled Project Ascend, introducing Dynamic Fees V1, a tiered fee system to make token launches more sustainable. This innovation, coupled with buybacks, has spurred a 14% surge in PUMP price, promising long-term growth for creators, streamers, and startups in the Solana ecosystem.
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