Pump.fun, the Solana-based memecoin launchpad, has poured more than $62 million into repurchasing its native token, PUMP, in an effort to ease selling pressure and boost investor confidence.
Data from Dune Analytics shows that the platform has acquired more than 16 billion PUMP tokens at an average of $0.0038 each, funded by fees generated from memecoin launches. The daily pace of repurchases has remained steady, ranging between $1.3 million and $2.3 million over the last week.
Despite a sharp revenue dip in late July — its lowest since early 2024 — Pump.fun has still generated more than $775 million in total fees, according to DefiLlama. The buybacks appear to be stabilizing sentiment, with PUMP climbing 12% in the past month and recovering over 50% from its August low.
Rising Participation Among Holders
Onchain figures reveal that PUMP’s holder base has grown to more than 70,000 wallets. Smaller investors now make up nearly half of the distribution, a sign that retail users are increasingly participating rather than the token being concentrated in a few large wallets.
Competition With LetsBonk
Pump.fun briefly lost its dominance to a rival Solana platform called LetsBonk in July, but recent data suggests it has reclaimed leadership. Over the past week, Pump.fun accounted for 73% of launchpad volume compared to LetsBonk’s 9%, processing $4.5 billion in trades.
Ongoing Legal Trouble
At the same time, Pump.fun faces a growing legal storm. A $5.5 billion class-action lawsuit accuses the platform of operating like a “rigged slot machine,” relying on hype-driven marketing to funnel latecomers into losses. The case, amended in July, describes the platform as an “unlicensed casino,” raising questions about its regulatory future.
What Comes Next for PUMP?
While the buybacks have supported short-term price stability, the lawsuit could weigh on long-term growth if regulators intensify scrutiny. For now, Pump.fun’s strategy of recycling revenue into its token has bought it breathing room — but whether that’s enough to keep investor trust intact will depend on both the courts and the market’s appetite for high-risk memecoins.
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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/can-pump-funs-62-million-buyback-save-pump-from-collapse/