#Pump

Trade pump now . . ❤❤❤❤❤❤$PUMP

𝙋𝙪𝙢𝙥 𝘽𝙚𝙜𝙞𝙣𝙨 𝙈𝙖𝙟𝙤𝙧 𝘽𝙪𝙮𝙗𝙖𝙘𝙠, 𝙒𝙞𝙡𝙡 𝙋𝙐𝙈𝙋 𝙋𝙧𝙞𝙘𝙚 𝙎𝙠𝙮𝙧𝙤𝙘𝙠𝙚𝙩?

Pump.fun has initiated a buyback of its $PUMP token, purchasing approximately $2.3 million worth of tokens in the past 20 minutes.

The move by Pump.fun to repurchase tokens of its coin comes after one of the largest sales of meme coins on Solana, which sold 33% of the 1 trillion total supply of its token at $0.004 per token. The sale generated $1.32 billion and pegged the fully-diluted valuation (FDV) of the token at $5.97 billion.

However, according to an X post, the project used its fee wallet to fund the buyback wallet, which was seen as a serious intention to stabilize the price of the token.

The buyback, which took place in a narrow 20-minute time interval, can be interpreted as an attempt to adjust to the market situation and fluctuations in the token price. Nevertheless, even with the buyback, the token has been criticized from the challenges of its non-utility and possibility to become volatile in the long-run affecting the price thereof.

Following the buyback, the token saw a significant increase in trading volume, with a 13.11% rise in the past 24 hours. The token’s market cap now stands at $2.11 billion, up by 13.11%. Although these numbers show promising trends, the long-term sustainability of the token is questionable.

Analysts have noted that although buybacks can provide temporary relief, they would not solve the concerns of utility and interest of the market.

This rise in price may be short-lived and the project will have to address its underlying concerns to retain investor confidence. However, with top crypto exchange like Coinbase supportin token, the price may continue to see renewed interest despite the 4% decline in the last 7 days.