The price of the token “PUMP/USD”, associated with the “Pump.fun” platform built on the Solana network, jumped by about 20% on July 16, reaching its all-time high of $0.00681, before retreating to around $0.0063 at the time of this report, achieving daily gains estimated at 14%.

This strong rise comes after the platform announced a massive buyback campaign funded by operational fees. According to data from “Lookonchain”, the platform allocated the equivalent of $30.6 million (187,770 SOL) to buy back “PUMP” tokens, with about $19.26 million of that spent so far (118,351 SOL) to purchase approximately 2.99 billion tokens at an average price of $0.0064.

The token, which raised $600 million in its initial offering in just 12 minutes, faced a sharp drop of over 40% after its listing, due to a wave of profit-taking from early investors. However, the recent buyback campaign has brought it back into the spotlight, sparking a wave of cautious optimism among traders.