Pump.fun buys back $15 million in tokens, value soars above $1 billion
- Pump.fun Buys Back $15 Million in Tokens
- PUMP Token surpasses US$1 billion in market capitalization
- Platform leads memecoin market on Solana network
The memecoin launchpad Pump.fun, built on the Solana blockchain, has repurchased approximately $15 million of its native token over the past two weeks. This move comes as PUMP's market capitalization has recovered, surpassing the $1 billion mark once again.
According to a market data , the token has appreciated more than 32% in the last 30 days and is currently trading around $0,0032. Buybacks, funded by fees generated on the platform itself, were carried out at up to 40% above market value in mid-August. In recent days, this difference has narrowed to approximately 20%, reducing the average cost of buybacks from $0,0058 to $0,003841, according to an onchain survey.
Still, Pump.fun has managed to sustain strong revenue performance, surpassing the $1 million per day mark since early August.
The platform's trading volume surpassed $210 million in a single day, solidifying its position as a leading token launcher within the Solana ecosystem. Currently, Pump.fun accounts for approximately 86% of token launches, surpassing competitors like LetsBonk. Last week, the project also surpassed $800 million in cumulative revenue since launch.
While Pump.fun is experiencing significant growth in usage and revenue metrics, DEX activity on the Solana network is showing signs of slowing. The number of daily users on the network's decentralized exchanges has fallen below 1 million for three consecutive days, a record high for months. This divergence highlights how a large portion of the Solana blockchain's transactions and fees are increasingly concentrated in the memecoin ecosystem led by Pump.fun.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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