According to data from Dune Analytics, Pump.Fun has bought more than $62.6 million back into its native token, Pump. Buybacks have been absorbed by over 16.5 billion tokens at average cost, as the platform stabilizes price action and reduces selling pressure.
The buyback strategy uses revenue generated by the platform to perform daily token repurchases, primarily using fees collected from users who launch the memokine. Daily buybacks have ranged between $1.3 million and $2.3 million over the past week, according to data from Dune Analytics.
According to data from Defilama, Pump.Fun has generated more than $775 million in revenue since its launch. In particular, the platform saw a sharp decline in revenues from July 28th to August 3rd. Meanwhile, Pump.Fun generated just $1.72 million in revenue for a week of the lowest $1.71 billion since March 2024.
Meanwhile, the buyback initiative appears to be working. Pump has scored over 12% in the past month and roughly 9% in the past week. The token is currently trading at $0.003522, up 54% from the August low of $0.002282.
Related: How Pump.Fun raised $500 million in 12 minutes and what it says about retail FOMO
Pump holder count top 70,000
Onchain data also shows a healthy increase in user participation. The number of unique pump holders has steadily increased to over 70,800, with the wallet (<10k pump), which accounts for 46% of the wallets, now in a small state. Increased ownership indicates an increase in retail engagement.
Growth arises as the Pump.Fun platform has been struggling to maintain its advantage in the Solana Memecoin LaunchPad rankings recently. On July 7th, the newly launched Solana platform called Letsbonk earned 24 hours a day, surpassing Pump.fun.
According to Solana Decentralized Exchange (DEX) aggregator Jupiter, Letsbonk’s domination continued throughout July, gaining more market share than Pump.pums.fun.
Still, Jupiter’s data suggests that Pump.Fun has recovered the No.1 spot. Over the past seven days, the platform has sold a market share of 73%, with trading volumes of $4.5 billion. In contrast, Letsbonk’s market share fell below 9%, dropping in volumes of $543 million.
Related: Pump.Fun Private Sale Investors Send Over $160 Million in Exchange
Pump.Fun hit in a $5.5 billion lawsuit
Pump.Fun continues to gain traction, but now faces serious legal pressure. A class action lawsuit filed on January 30th denounces a platform that uses “guerilla marketing” tactics to create artificial hype and urgency around highly unstable tokens.
The lawsuit was amended on July 23, with the plaintiff describing Pump.fun as a “no license-free casino.” The updated filing resembles the platform’s structure to a “slot machines with rigs” and claims that early participants benefit from offloading their tokens to later participants. The lawsuit alleges that the total losses for investors reached $5.5 billion.
magazine: Memecoin Degeneracy funds groundbreaking anti-aging research
