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.