Solana’s latest memecoin sensation, PUMP, has stunned traders with a 30% surge after Pump.fun announced an aggressive buyback strategy. Could this be the start of a hated rally?
PUMP Token’s Rollercoaster Ride
The PUMP token debuted on July 14 at $0.0040, quickly peaking at $0.0068 before crashing 70%. Key moments in its volatile journey:
- July 16: Reached all-time high of $0.0068
- July 25: Crashed to $0.0028
- July 29: Bottomed at $0.0022
- July 31: Surged 30% to $0.0030
Pump.fun’s Bold Buyback Strategy
The platform has committed 98% of daily revenue to buybacks, spending $21.5 million to repurchase 3.828 billion PUMP tokens. Recent buyback activity:
| Date | SOL Spent | USD Value |
|---|---|---|
| July 30 | 12,000 SOL | $2.16M |
| July 31 | 17,542 SOL | $3.16M |
Will the Memecoin Rally Continue?
Analyst Altcoin Sherpa notes “strong moves” but warns of volatility. Key factors to watch:
- Consistency of buyback amounts
- Institutional whale activity
- Ability to hold above $0.003 resistance
- Platform revenue sustainability
FAQs About the PUMP Token Surge
Q: What caused PUMP’s 30% price surge?
A: The surge followed Pump.fun’s decision to allocate 98% of daily revenue to token buybacks.
Q: How much has Pump.fun spent on buybacks?
A: $21.5 million worth of SOL has been used to repurchase 3.828 billion PUMP tokens since July 16.
Q: What’s the current resistance level for PUMP?
A: $0.0030 has been a key resistance level that was finally broken on July 31.
Q: Are institutional investors buying PUMP?
A: Yes, one whale recently spent $3.16 million on PUMP despite previous losses.
