16.07.2025 02:39
A recently launched cryptocurrency, PUMP, experienced a dramatic price surge exceeding 20% within a 10-hour period. This significant increase followed reports of a substantial buyback initiative undertaken by the project's team.
The surge propelled PUMP's market capitalization to a remarkable $2.4 billion, momentarily eclipsing the market cap of the rival meme coin, BONK. Although short-lived, this achievement highlighted the impact of the buyback on investor sentiment. CoinGecko data subsequently showed BONK reclaiming its position.
Driving this rally was a reported $30 million transfer from Pump.fun, the launchpad behind PUMP, to a dedicated buyback address. This transaction, tracked by on-chain analytics firm Lookonchain, involved approximately 187,770 Solana (SOL). A portion of these SOL, specifically 118,351, was used to acquire nearly 3 billion PUMP tokens, at an average price of $0.0064 per token.
The PUMP token's debut on numerous major cryptocurrency exchanges, including Coinbase, Bybit, MEXC, Bitget, Gate, KuCoin, and Hyperliquid, contributed to the increased liquidity and trading volume, further fueling the price appreciation. Notably, Hyperliquid offered leverage trading options on PUMP, adding another dimension to its market accessibility. This launch followed a successful Initial Coin Offering (ICO) that generated $500 million over the weekend. The combination of the buyback, extensive exchange listings, and the successful ICO created a perfect storm driving the PUMP price increase. Information for this report was gathered from internet sources.
