PUMP price returns to ICO level, competitor LetsBONK surpasses in Memecoin generation

Less than a week after the highly anticipated ICO, Pump.fun's token PUMP has dropped over 22% in a single day, currently trading at around $0.004, which is on par with its price during the initial launch last Sunday.

On Tuesday, PUMP soared to $0.0067, after the platform announced a buyback of tokens worth over $31 million (187,770 SOL) using protocol revenue, as part of a dividend plan. The platform committed to using 25% of protocol revenue for token buybacks.

Pump.fun raised $600 million in just 12 minutes during the ICO, issuing 15% of the total supply. However, this memecoin generation platform is gradually losing market share, as its competitor LetsBONK, focused on the BONK ecosystem, has surpassed Pump.fun in memecoin generation since early July. Additionally, since the launch of LetsBONK in April, the price of the BONK token has risen by 64%.

To strengthen the community, Pump.fun recently launched a “community takeover” mechanism, allowing users to take control of abandoned projects by transferring creator fees to the wallets of the most active members.