Pump.Fun Executes $8.5 Million Token Buyback

(MENAFN- Yolo Wire) Cryptoprowl / Meme coin trading platform Pump is undertaking a significant $8.52 million U.S. token buyback as it seeks to boost the price of its native PUMP token.

Pump is a decentralized application on the Solana (CRYPTO: $SOL) blockchain that allows users to launch and trade meme coins without any technical

Pump generates revenue through fees from token creation and trading on its platform.

Currently, Pump is in the midst of an aggressive buyback program that has seen it remove nearly 30% of the circulating supply of the PUMP token from the open market.

The latest $8.52 million U.S. token repurchase was announced on social media platform X. Pump has now bought back $328 million U.S. of the PUMP (CRYPTO: $PUMP) token.

Analysts say that the token buybacks are leading to scarcity of the PUMP token and helping to push its price higher.

Buyback programs, while common in stock markets, are used less frequently in the cryptocurrency and decentralized finance (DeFi) sectors.

Some analysts say that Pump's buybacks are growing evidence of a maturing market. Early meme coins rarely undertook token buybacks.

The PUMP token is currently trading at $0.002073 U.S., having declined 70% since its inception.

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