Pump.fun Purchased Over $12M in $PUMP Last Week Triggering Bullish Rebound

The post Pump.fun Purchased Over $12M in $PUMP Last Week Triggering Bullish Rebound appeared first on Coinpedia Fintech News

Pump.fun, the leading memecoin launchpad on the Solana (SOL) ecosystem, has announced another major buyback of its $PUMP token. On Thursday, Pump.fun reported that it purchased nearly $12.2 million in $PUMP tokens last week, whereby the meme launchpad used 98.23% of its revenue last week to facilitate the token’s buyback.

As a result, Pump.fun has since repurchased nearly $72 million in PUMP tokens since the program started, thus reducing the total circulating supply by 5.36%. Last week’s PUMP buyback was a slight increase from the prior week’s $10.6 million repurchase.

$PUMP Price Benefits from Weekly Buybacks

The PUMP token buybacks have been pivoting its market organically in the past few weeks. After starting trading in a sloppy market, the PUMP price has gradually regained bullish sentiment in the past few weeks.

According to market data from TradingView, PUMP price has rebounded from a strong support level around $0.0027 to currently trade about $0.00432 on Thursday, September 4 during the mid New York session. The mid-cap altcoin, with a fully diluted valuation of about $4.3 billion, is among the few crypto assets to record bullish sentiment during the past 24 hours following the buyback news.

Moreover, the wider altcoin market followed Bitcoin in a slight correction, thus the total crypto market cap dropped by 2.2% to hover around $3.88 trillion.

Pump.fun Dominates Solana’s Meme Space

The Pump.fun platform has dominated other memecoin launchpads on the Solana ecosystem in the recent past. According to market aggregate data from Jupiter, Pump.fun platform has the lion’s share as it controls 75% of the meme space on the Solana network.

During the last 24 hours, a total of 26,997 memecoins were minted on the Solana network through Pump.fun platform. As a result, the Pump.fun recorded a 24-hour traded volume of around $588 million while LetsBONK.fun only registered $80 million in traded volume.