PUMP token climbs 30% – Decoding the $19.2M buyback effect

Key Points

1. Pump.Fun bought back 3.196 billion PUMP tokens (worth $19.2M), signaling bullish momentum for the Solana-based memecoin.

2. The platform allocated $30.53M (187,777 SOL) for buybacks, shifting from previous fee offloading via Kraken, which was criticized as 'extractive'.

3. Post-ICO, PUMP's price dropped 13% before rallying nearly 30%, with initial buyers still profitable at a 30% premium to the ICO price.

4. The number of PUMP holders surged 3x from 10K to 33K active addresses, indicating growing retail interest.

5. Market analysts noted that pre-ICO bearish sentiment was overblown, and the buyback program helped PUPP recover significantly.