Solana-based memecoin launchpad Pump.fun executed one of its largest single-day buybacks on Tuesday, spending $11.65 million to repurchase its native PUMP tokens at an average price of $0.0058 — more than 40% above the current market price of $0.0039, according to blockchain analytics from a Dune dashboard compiled by pseudonymous analyst @adam_tehc.
The platform has been accelerating repurchases since last month’s initial coin offering, which raised about $600 million. In total, the team has bought back roughly 7.43 billion PUMP tokens, spending an estimated $43.38 million at an average price still well above spot levels. PUMP is now down 42% from its mid-July all-time high above $0.0068.
Another tracker, Lookonchain, pegged cumulative buybacks slightly higher at 7.66 billion PUMP, valued at $30.65 million, with 175.3 million tokens — worth nearly $705,000 — purchased in the last several hours. Differences in estimates reflect variations in data sources and methodology. Pump.fun’s own dashboard, which updates daily, listed buybacks at $34.4 billion as of Aug. 12.
Competition and Revenue Pressures
Pump.fun began its buyback program in July, using platform fees to fund token repurchases in an effort to support PUMP’s market price. The move comes amid growing competition in Solana’s memecoin scene. Rival LetsBONK briefly overtook Pump.fun in daily token launches and trading volumes in July and has pledged 1% of revenue to buy back top-listed coins.
Pump.fun has since regained its top spot for new Solana memecoin issuances, but user activity remains uneven. Daily revenue has been in a downtrend since January highs, even after launching its PumpSwap feature and holding the ICO.
The announcement follows a steep drop in Pump.fun’s platform revenue — from over $7 million per day in January during a memecoin boom to roughly $200,000 daily in recent weeks, according to on-chain data. The downturn has coincided with a rise in activity on LetsBonk.fun, a competing launchpad tied to the Bonk community, which became the top Solana launchpad by issuances last month.
Pump.fun’s move to stabilize its ecosystem comes amid intensifying pressure from LetsBonk.fun, which is integrated with decentralized exchange Raydium and enjoys backing from the highly active Bonk memecoin community.