Pump.fun has allocated over $62.6 million to repurchase its native token, PUMP, as reported by Dune Analytics. These buybacks have absorbed more than 16.5 billion tokens at an average price of $0.003785, aiming to stabilize price movements and alleviate sell pressure.
The buyback strategy is funded by revenue generated on the platform, mainly from fees collected from users launching memecoins. Daily repurchases have consistently ranged from $1.3 million to $2.3 million in the past week, according to Dune Analytics data shows.
Since its inception, Pump.fun has generated over $775 million in revenue, according to DefiLlama data. Notably, the platform experienced a significant revenue decline from July 28 to August 3, recording only $1.72 million in weekly revenue, its lowest since March 2024.
Meanwhile, the buyback initiative appears effective. PUMP has risen by over 12% in the past month and approximately 9% over the last week. The token is currently priced at $0.003522, up 54% from its August low of $0.002282.
Related: How Pump.fun raised $500M in 12 minutes, and what it says about retail FOMO
PUMP holder count tops 70,000
Onchain data reveals a positive trend in user participation. The count of unique PUMP holders has steadily increased to over 70,800, with smaller wallets (<10K PUMP) now representing 46% of the distribution. This widening of ownership reflects heightened retail interest.
This growth occurs as the Pump.fun platform has recently faced challenges in maintaining its lead in the Solana memecoin launchpad rankings. A new platform called LetsBonk took the lead in 24-hour revenue on July 7, surpassing Pump.fun.
As per data from Solana’s decentralized exchange (DEX) aggregator Jupiter, LetsBonk’s dominance continued throughout July, gaining more market share than Pump.fun on numerous occasions.
Nevertheless, Jupiter data suggests that Pump.fun has regained the top position. Over the past week, the platform achieved a 73% market share with $4.5 billion in trading volume. In contrast, LetsBonk’s market share has fallen below 9%, with $543 million in volume.
Related: Pump.fun private sale investors send over $160M to exchanges
Pump.fun hit with $5.5 billion lawsuit
While Pump.fun continues to gain momentum, it is now confronting significant legal challenges. A class-action lawsuit filed on January 30 alleges that the platform employed “guerrilla marketing” strategies to create artificial excitement and urgency around highly volatile tokens.
The case was amended on July 23, with plaintiffs labeling Pump.fun an “unlicensed casino.” The revised filing compares the platform’s structure to a “rigged slot machine,” asserting that early investors profit by offloading tokens to later entrants. The lawsuit claims total investor losses have reached $5.5 billion.
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