A $31M Buyback Isn’t Stopping the Pump Token’s Price Correction as It Slides13%
Main Idea
The Pump.fun (PUMP) token has experienced a significant price drop despite a $31.3 million buyback effort, with trading activity remaining high amid ongoing selling pressure.
Key Points
1. The PUMP token dropped 13.57% in 24 hours to $0.003727, with trading volume increasing by 24.77% to $692.38 million.
2. A $31.3 million buyback by Pump.fun temporarily boosted the price by 17%, but the token has since corrected.
3. Pump.fun has pledged to allocate 25% of protocol revenues to ongoing buybacks to support the token's price.
4. The PUMP token was recently listed on LCX Exchange, expanding its accessibility with a $PUMP/EUR trading pair.
5. Pump.fun introduced new platform features, including a 'community takeover' and the acquisition of Kolscan, a Solana-based wallet tracker.
Description
The Pump.fun (PUMP) token has dropped over 13% in the last 24 hours amid heavy selling pressure This decline comes despite the platform recently initiating a massive $31.3 million token buyback program While the price is down, daily trading volume has surged by 24%, showing high market activity The price of PUMP, the native token of Solana-based memecoin platform Pump.fun, fell 13.57% over the past 24 hours to trade at $0.003727. The decline saw the token move from a high above $0.00444 to a loc...
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