Solana News Today: Pump.fun Drives PUMP Token Up 20% Amid Aggressive Buybacks and Solana Meme Coin Surge

Pump.Fun’s native token PUMP has surged by up to 21% in the past 24 hours, driven by a combination of rising platform activity, aggressive buybacks, and a resurgence in Solana-based meme coin interest. At current levels, PUMP trades around $0.0036, marking a significant 20% daily gain amid renewed engagement on the Pump.fun platform [1][2]. The token remains 46% below its September high of $0.006812, but recent developments suggest a shift in momentum.

The price increase is closely tied to Pump.fun’s regained dominance as the leading Solana-based meme coin launchpad. The platform now hosts 67% of the 27,500 new tokens launched in the past week, a stark reversal from July, when its market share had fallen to as low as 26% due to competition from LetsBonk [1]. The platform’s daily revenue has also rebounded, reaching over $1 million—up from a low of $169,000—indicating a realignment in user preference toward Pump.fun [1].

A key driver of the price action is the platform’s aggressive buyback strategy. On August 11, Pump.fun repurchased 2.99 billion PUMP tokens using 118,351 SOL ($19.26 million), reducing the circulating supply by 0.84% in one day [1]. These buybacks are funded by 98% of the platform’s trading fees, which are generated from newly launched tokens. The consistent buyback activity has contributed to a negative monthly net inflation rate of -2.1%, a rare feat in the memecoin space [1].

Technical analysis of the PUMP price chart shows a clear upward trend since late July, though price movement has remained choppy. In July, repeated breakout attempts above the ascending trendline failed, leading to bearish phases marked by declining volume and RSI readings in the 40s. Early August saw a brief pullback toward $0.00323, but bulls quickly regained control. The most significant momentum came after the large-scale buyback, which propelled the price beyond previous highs [1]. Currently, PUMP is consolidating just under the ascending trendline, with RSI at 60 and EMA (9) providing dynamic support above $0.00355 [1].

Analysts note that the broader crypto environment has also supported the PUMP recovery. The resolution of the Ripple-SEC case and increased institutional interest in altcoins have fostered a more favorable atmosphere for speculative assets, including meme coins. Pump.fun benefits further from Solana’s low entry barriers and fast deployment, attracting retail investors eager to participate in the next big meme token [1].

Despite the gains, the token’s path to reclaiming its previous peak remains uncertain. The meme coin market is known for its volatility, and user sentiment can shift rapidly based on platform competition and innovation. However, Pump.fun’s current position—as the top Solana launchpad by volume—suggests that the platform is regaining its influence. Daily trading volume has reached $134 million, far outpacing rivals, signaling strong retail demand [1].

Source: [1] PUMP Surges as Meme Coin Launchpad Pump.fun Regains Top Spot on Solana – Decrypt (https://decrypt.co/334515/pump-surges-meme-coin-launchpad-pump-fun-regains-top-spot-solana)

[2] Pump.fun Finally Pumps – Price Spike Has Investors Searching For The Best Meme Coins to Buy Next – CryptoDnes.bg (https://cryptodnes.bg/en/tag/maxi/)

[3] Pump.fun Accelerates PUMP Buybacks With $30.6M – AInvest (https://www.ainvest.com/news/pump-fun-accelerates-pump-buybacks-30-6m-reserve-6-price-drop-2508/)