PUMP Token Rally: Buybacks Narrow Gap With ICO Price Despite 52% Drop From Peak
PUMP Token – The Solana-based memecoin launchpad Pump.fun is heating up while broader DEX activity on Solana shows signs of cooling. Over the past two weeks, Pump.fun has repurchased nearly $15 million worth of its native token PUMP, fueling renewed excitement across the ecosystem. This push has helped the token’s market capitalization climb back above $1 billion, according to The Block’s data dashboard.
Currently trading at $0.0032, PUMP has gained more than 32% in the last 30 days. The resurgence follows a series of fee-funded repurchases that, until mid-August, were executed more than 40% above spot prices. Recent market momentum has compressed this gap to around 20%, lowering the average buyback cost from $0.0058 to $0.003841, as highlighted by a Dune Analytics dashboard from onchain analyst @adam_tehc.
Despite the rally, market prices remain 20% below the $0.004 ICO level and more than 52% off the July 16 peak.
Record Revenues and Market Dominance
Pump.fun’s momentum is also reflected in its revenues. Daily platform income has exceeded $1 million every day since August 6, while trading volumes hit $210 million in the past 24 hours. The platform now dominates Solana’s launchpad scene, capturing about 86% of token graduations and surpassing $800 million in lifetime revenue last week.
Memecoins Rise as Solana’s DEX Activity Slows
The launchpad’s growth contrasts with a slowdown across the wider Solana ecosystem. Daily DEX users have fallen below 1 million for three consecutive days, marking the first such decline in months. This divergence suggests that memecoin activity and fee generation are increasingly concentrated within Pump.fun, even as broader DeFi usage on Solana cools.
Pump.fun’s performance highlights the growing role of memecoins in driving Solana’s onchain economy, cementing its position as the network’s leading launchpad.
