PUMP (PUMP/USD) slid 6.25% to $0.006370 on Wednesday, trimming Tuesday’s sharp 18% jump. The Solana-based meme coin was launched on July 12 by Pump.fun with an Initial Coin Offering (ICO) price of $0.004000. Within just 12 minutes, the ICO raised $500 million—one of the largest ever—allocating 33% of total supply (18% to institutions, 15% to retail).
PUMP soared to $0.006900 by July 15, fueled by hype around Pump.fun’s potential buyback and its past success as the fastest-growing crypto app, hitting $100 million in revenue in just 217 days.
Bloomberg called the ICO “one of the biggest ever,” coinciding with Bitcoin’s all-time high. Meanwhile, PUMP’s market cap touched $1.97 billion, boosted further by a surprise 10 million token burn.
Lookonchain revealed that Pump.fun has already used 118,351 SOL (worth $19.26 million) to buy back 2.99 billion PUMP tokens at an average price of $0.0064. The buyback funds came from app fees, which surpassed $700 million this month.
Still, concerns remain. Critics argue the rally may be unsustainable due to PUMP’s lack of utility—no governance, staking, or revenue-sharing mechanics. Data from DefiLlama shows declining trading volume, down from $11.6 billion in January to $3.65 billion in June, with only $885 million so far in July.
Going forward, buyback momentum and platform hype could keep PUMP afloat, but traders should stay alert to growing skepticism and reduced liquidity.
