Meanwhile, activity on Solana’s other decentralized exchanges has slowed, showing a clear split in momentum across the ecosystem.
Pump.Fun Buybacks Strategy Drives Market Recovery
Over the past two weeks, the memecoin launchpad has bought back nearly $15 million worth of PUMP, pushing its market capitalization back above the $1 billion mark.
This renewed demand has lifted PUMP’s price by more than 32% in the last 30 days. The token is now trading around $0.003218, up by 9.18% in the last 24 hours, according to CoinMarketCap data.
Pump.Fun’s buyback activity has not only supported prices but also reduced the gap between purchase costs and market rates. Earlier in August, buybacks were executed at premiums of more than 40% above spot prices, with the average cost at $0.0058.
Analysts reported that recent activity has narrowed that margin to about 20%, bringing the average down to $0.003841.
Despite this recovery, PUMP still trades below its original ICO price of $0.004, and it remains more than 52% lower than its July 16 peak. Even so, the consistent buybacks and rising trading volumes suggest that confidence in Pump.fun’s ecosystem remains strong.
On top of that, the launchpad’s latest initiative, the unveiling of the Glass Full Foundation (GFF), is set to inject fresh momentum into the platform’s growth story.
Pump.Fun Revenue and Trading Volumes Hit New Highs
Pump.Fun’s growth shows clearly in its earnings. Since August 6, the platform has made over $1 million in revenue each day, with trading volumes topping $210 million in a single day. This highlights its strong position in Solana’s memecoin space.
The platform also accounts for 86% of Solana launchpad token graduations, keeping its lead after short competition from rivals like LetsBonk. In total, Pump.Fun’s lifetime revenue has passed $800 million, showing the scale of its onchain economy.
Solana’s DeFi Activity Slows
While Pump.Fun grows, Solana’s wider decentralized finance (DeFi) space is cooling. Daily DEX users fell below 1 million for three days in a row. This shows a clear gap in the ecosystem where broader DEX use is slowing, while memecoin trading on Pump.Fun stays strong.
The trend points to user activity and fees concentrating more around Pump.Fun. This makes the platform just a memecoin launchpad but also one of the main engines driving Solana’s onchain economy.
Market watchers say whether this momentum can continue depends on market conditions. However, for now, Pump.Fun stands at the center of Solana’s memecoin surge.
The post Pump.Fun Initiates Major PUMP Token Buyback, Price Reacts appeared first on BitcoinLinux.com.
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Author: coinmaker