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PUMP jumps 20% as Pump.fun completes $175.3M buyback

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A Trader Analyzing Price Charts

Cryptocurrencies extended this week’s gains today as Ethereum’s rally past $3,600 fuels large-cap assets.

Solana ecosystem’s tokens attracted attention as SOL reclaimed $200 after an over 15% increase in the past 24 hours.

Solana’s meme Launchpad Pump.fun is in the spotlight after its massive buyback, which has propelled PUMP’s prices.

Lookonchain observed that Pump.fun has repurchased 175.3 million PUMP tokens, worth approximately $705,000.

Pumpfun(@pumpdotfun) is buying back $PUMP, purchasing 175.3M $PUMP($705K) in the past 4 hours. In total, Pumpfun has bought back 7.66B $PUMP($30.65M, 0.766% of the total supply). solscan.io/account/88uq8J… solscan.io/token/pumpCmXq…

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The transaction has pushed its total buybacks to 7.66 billion coins, valued at around $30.65 million.

The move demonstrates the team’s dedication to absorbing PUMP’s supply for long-term stability.

The native token extended its 24-hour rally from $0.00345 to a $0.00414 intraday high.

That translated to an about 20% increase over the past day.

Pump.fun’s billions in buybacks

The latest buy is part of the platform’s bigger strategy.

The team has initiated multiple programs to strengthen PUMP after its controversial debut, which even saw early investors exiting days after the public sale.

To date, Pump.fun has repurchased 7.66 billion PUMP coins, worth $30.65 million.

That represents 0.766% of the altcoin’s total supply.

The buybacks, and their magnitude, have stirred the markets, especially since most meme projects tend to depend on community hype for survival.

Pump.fun’s approach of removing PUMP from circulation is vital in creating adequate upside pressure for prices.

Why buybacks matter for crypto

Buybacks are common in traditional finance, often used by firms to display trust in their stock.

In crypto, they can be more impactful as sentiments fuel digital currency performance.

Various cryptocurrency communities, including AAVE’s, have proposed buybacks to enrich ecosystem stability.

A team that can spend millions on its token confirms adequate funds to support the project.

This industry is full of developers dumping their entire holdings, leaving the community in limbo.

For PUMP investors, the buybacks will boost confidence about future growth.

Enthusiasts will watch how this initiative influences PUMP in the coming times.

However, Pump.fun should accompany buybacks with key developments to ensure long-term strength.

Market players want more than token removals. They seek community engagement, innovation, and utility.

Furthermore, Pump.fun is experiencing intense competition, with platforms like LetsBonk.fun topping charts.

PUMP price outlook

The native token exhibits a bullish bias, driven by broad market recoveries and Pump.fun’s buyback spree.  

PUMP trades at $0.00439, with a 26% surge in daily volume indicating a buyer resurgence.

Chart by Coinmarketcap

Optimistic developments such as the Glass Full Foundation launch have kept PUMP afloat.

Short-term indicators highlight the upside momentum.

The 3H MACD has swayed above the signal line since Monday’s bullish crossover.

Also, the Relative Strength Index indicates more room for PUMP gains.

Moreover, the prevailing broad market sentiments suggest continued rallies for alts.

Ethereum tests $4,700 after its latest breakout cleared the path to peaks above $5,000, while Bitcoin’s declining dominance supports the altcoin season tale.

The post PUMP jumps 20% as Pump.fun completes $175.3M buyback appeared first on Invezz

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