PUMP Price Returns to ICO Level as Rival LetsBONK Surpasses in Memecoin Generation

Less than a week after the highly anticipated ICO, Pump.fun’s token, PUMP, has fallen over 22% in one day, now trading at around $0.004—matching its initial offering price from last Sunday.

On Tuesday, PUMP spiked to $0.0067 after the platform announced a token buyback worth over $31 million (187,770 SOL) from protocol revenues, as part of its profit-sharing plan. The platform is committed to using 25% of protocol revenues for token buybacks.

Pump.fun had raised $600 million in just 12 minutes during its ICO by offering 15% of its total token supply. However, this memecoin generator is gradually losing market share as rival platform LetsBONK—focusing on the BONK ecosystem—has surpassed Pump.fun in the volume of memecoin creation since early July. Furthermore, the BONK token has increased by 64% since LetsBONK’s launch in April.

To strengthen its community, Pump.fun has recently introduced a “community takeover” mechanism, allowing users to take control of neglected projects by redirecting Creator Fees to the wallets of the most active contributors.