Pump.enjoyable has spent greater than $62.6 million repurchasing its native token, PUMP, in keeping with information from Dune Analytics. The buybacks have soaked up over 16.5 billion tokens at a median price of $0.003785, because the platform appears to be like to stabilize value motion and scale back promote stress.
The buyback technique makes use of platform-generated income, primarily charges collected from customers launching memecoins, to execute every day token repurchases. Each day buybacks have constantly ranged between $1.3 million and $2.3 million over the previous week, Dune Analytics information reveals.
Since launch, Pump.enjoyable has generated over $775 million in income, in accordance 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 the moment 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 reveals a wholesome uptick in person participation. The variety of distinctive PUMP holders has grown steadily to over 70,800, with smaller wallets (<10K PUMP) now accounting for 46% of distribution. The broadening of possession signifies rising retail engagement.
The expansion comes because the Pump.enjoyable platform has lately struggled to keep up its dominance within the Solana memecoin launchpad rankings. On July 7, a newly launched Solana platform known as LetsBonk took the highest spot for 24-hour income, surpassing Pump.enjoyable.
In accordance with the Solana decentralized alternate (DEX) aggregator Jupiter, LetsBonk’s dominance continued all through 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 realize traction, it’s now going through severe authorized stress. A category-action lawsuit filed on Jan. 30 accuses the platform of utilizing “guerrilla advertising and marketing” ways to generate synthetic hype and urgency round extremely risky 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 go well with alleges complete investor losses have reached $5.5 billion.
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