PUMP has posted a strong 24-hour gain of over 11%, climbing to around $0.00302 with a market cap of roughly $1.06 billion.
Trading volume has also been robust, reaching nearly $400 million, a sign that speculation in Solana’s memecoin sector remains alive and well.
The move comes after weeks of selling pressure that saw the token drop more than 50% in the past month. Now, a combination of aggressive buybacks, technical relief, and broader market speculation appears to be fueling a rebound.
Buyback Program Fuels Supply Squeeze
One of the key drivers of PUMP’s resurgence is its buyback initiative. Between July 16 and 30, Pump.fun spent 118,351 SOL—worth about $19.26 million—buying up nearly 3 billion PUMP tokens to remove them from circulation. This campaign escalated on July 31, when the platform committed 98% of its daily revenue to ongoing buybacks, triggering a 27% rally in a single day.
While the pace of purchases has slowed in early August, the reduced circulating supply from last month’s buying spree is still influencing the market, helping to create the conditions for the latest bounce.
Oversold Market Triggers Technical Rebound
The rally also comes after PUMP entered oversold territory. Its seven-day Relative Strength Index (RSI) recently climbed from 28 to 33.15, signaling a shift in momentum from sellers to buyers. On the price chart, the token moved above its seven-day exponential moving average—now around $0.00276—turning it into a short-term support level.
With key liquidation levels sitting just below $0.0028, buyers had more incentive to step in, creating an asymmetric opportunity for a quick recovery.
Speculation in Solana’s Memecoin Ecosystem
PUMP’s gains are also tied to ongoing activity in the Solana ecosystem. July saw an impressive 18 million new tokens minted on the network, according to Cryptoslate, sparking higher platform fee expectations and renewed interest in token launch platforms.
Even though PUMP has lost ground to rival LetsBONK.fun, which now holds an estimated 78% market share, the broader altcoin market has been rotating into smaller-cap tokens. CoinMarketCap’s Altcoin Season Index has jumped nearly 70% in the last 30 days, suggesting a speculative cycle is in full swing.
Outlook
With around 354 billion PUMP tokens currently in circulation, the question now is whether the platform can maintain buyback momentum strong enough to keep demand elevated. Competitive pressure from dominant rivals remains a challenge, but as long as Solana’s tokenization trend continues and technical conditions remain favorable, PUMP could see further bursts of volatility—both up and down—in the weeks ahead.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/pump-fun-pump-jumps-11-and-becomes-biggest-crypto-gainer-today/