⚠️ The PUMP of Pump Fun spikes 20% after buyback, but faces scrutiny due to concerns over utilities.

The PUMP reaches a valuation of $6.3 billion amid market debates over its lack of inherent utility.

PUMP, the native token of the memecoin launchpad Pump.fun, based on Solana, saw a significant price increase after its first token buyback.

On July 16, blockchain analyst Ember CN reported that Pump.fun spent 111,953 SOL, worth $18.34 million, to buy back 3.04 billion PUMP tokens at an average price of $0.006.

According to Ember CN, the SOL used for the buyback originated from the platform's fee wallets, which totaled 187,770 SOL, valued at $30.59 million. After the buyback, Pump.fun still holds 69,420 SOL, valued at $11.48 million, leaving room for further buybacks in the future.#ArbitrageTradingStrategy $PUMP $SOL