The most popular memecoin launchpad on Solana (SOL), Pump.fun, has declared another big buyback of its native token, PUMP. The action increased investor confidence since the token price soared 10% amid a wider crypto market decline.
Pump.fun, in a statement posted on X, affirmed that it had spent $12.19 million on PUMP purchases between August 28 and September 3.
This represents 98.23% of its weekly income, indicating that the platform is highly determined to minimize supply and maintain the value of the token.
This recent action means Pump.fun has now spent almost $72 million on buybacks since the program was launched, reducing circulating supply by 5.36%. The platform had previously bought back $33 million of tokens in early August, which triggered a 15% surge and solidified its market leadership.
PUMP Price Increases even with market correction
After the news of the buyback, PUMP recovered at the support of $0.0040 to trade at approximately 0.004406 on September 4. This 10% increase was against the backdrop of the overall crypto market losing 2.2% of its capitalization, and PUMP was among the few altcoins that have performed positively.
Pump.fun also remains the leader in the memecoin space of Solana. The platform took 75% of the activity, minting almost 27,000 tokens in 24 hours with a trading volume of $403 million, significantly surpassing the competitor LetsBONK.fun by $80 million.
Project Ascend Generates Long-term Hope
On top of this, Pump.fun recently introduced a new upgrade, Project Ascend, that will make token launches more sustainable. The project presents Dynamic Fees V1, a tiered fee structure that will lower fees to creators as projects scale.
The launch of Project Ascend triggered a 14% surge in PUMP price as it promises long-term benefits for streamers, startups, and creators. With buybacks and innovation combined, Pump.fun is cementing its role as the powerhouse of Solana’s memecoin ecosystem.
Also Read: PumpFun Overtakes Hyperliquid in 24 Hour Revenue Generation
