PUMP Soars to Highest Price Since Opening Week

The Solana-based memecoin launchpad’s token is up another 20% today, and 43% on the week to a $5.6 billion valuation.

After a rocky start, pumpfun’s PUMP token is leading the altcoin market and is one of crypto’s top trending tokens, fueled by the protocol’s token buybacks.

PUMP dropped as low as a $2.4 billion fully diluted valuation (FDV) last month following its initial coin offering (ICO) valued at $4 billion, but has rallied 133% off the lows and is currently changing hands for $0.0056, or a $5.6 billion valuation, 40% above its ICO price.

PUMP Chart – CoinGecko

The token’s strength is driven by pumpfun’s buyback mechanism, with the protocol using 100% of its daily revenue to repurchase PUMP on the open market. As a result, the platform has been buying nearly 1% of the circulating supply every week, and has offset 6.1% of the total supply so far.

Despite the cool-off in memecoin activity, pumpfun remains one of the top revenue generators in decentralized finance (DeFi), with the fourth-highest earnings over the last month, trailing just Tether, Circle, and Hyperliquid.

PUMP Buybacks – Fees.Pump.Fun

The ecosystem’s total value locked (TVL) has been consistently trending up since the launch of PumpSwap, the launchpad’s native automated market maker (AMM). The exchange’s TVL now sits at $298 million, making it the 14th-largest by TVL.

PumpSwap is the second-largest spot DEX by weekly revenue, trailing Hyperliquid’s spot markets with $3.36 million earned over the last seven days.

Source: https://thedefiant.io/news/defi/pump-soars-to-highest-price-since-opening-week