Pump.enjoyable has spent greater than $62.6 million repurchasing its native token, PUMP, in keeping with knowledge from Dune Analytics. The buybacks have soaked up over 16.5 billion tokens at a mean value of $0.003785, because the platform seems to stabilize worth motion and cut back promote stress.
The buyback technique makes use of platform-generated income, primarily charges collected from customers launching memecoins, to execute each day token repurchases. Daily buybacks have persistently ranged between $1.3 million and $2.3 million over the previous week, Dune Analytics knowledge reveals.
Since launch, Pump.enjoyable has generated over $775 million in income, in accordance to knowledge from DefiLlama. Notably, the platform noticed a pointy income drop from July 28 to Aug. 3. During that point, Pump.enjoyable introduced in solely $1.72 million weekly income, its lowest since March 2024.
Meanwhile, 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.
Related: How Pump.enjoyable raised $500M in 12 minutes, and what it says about retail FOMO
PUMP holder rely tops 70,000
Onchain knowledge additionally reveals a wholesome uptick in consumer 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 progress comes because the Pump.enjoyable platform has lately struggled to take care of 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.
According to the Solana decentralized trade (DEX) aggregator Jupiter, LetsBonk’s dominance continued all through July, gaining extra market share than Pump.enjoyable on many events.
Still, Jupiter knowledge suggests that Pump.enjoyable has reclaimed the No. 1 spot. In 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.
Related: Pump.enjoyable non-public sale buyers ship over $160M to exchanges
Pump.enjoyable hit with $5.5 billion lawsuit
While Pump.enjoyable continues to realize traction, it’s now dealing with critical authorized stress. A category-action lawsuit filed on Jan. 30 accuses the platform of utilizing “guerrilla advertising and marketing” techniques to generate synthetic hype and urgency round extremely unstable 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 contributors revenue by offloading tokens onto later entrants. The swimsuit alleges complete investor losses have reached $5.5 billion.
Magazine: Memecoin degeneracy is funding groundbreaking anti-aging analysis
