Pump's average token buyback price floats 40% above spot market even as daily revenue trends lower

Pump.fun has accelerated buybacks of its native PUMP token since last month’s initial coin offering raised about $600 million. The average cumulative repurchase price remains above market despite reduced revenues that fund the scheme. 

The Solana memecoin launchpad executed one of its largest single-day PUMP scoops on Tuesday, purchasing $11.65 million worth of tokens, according to a Dune analytics dashboard compiled by pseudonymous onchain analyst @adam_tehc on X.

His data estimates the team has bought back around 7.43 billion PUMP in total at an average price of $0.0058, or about $43.38 million spent to date. That average is more than 40% above the token’s current market price of 0.0039, as seen on The Block's price page, showing a significant gap between buyback levels and spot trading.

Overall, the token is down 42% from its all-time high above $0.0068 set shortly after it debuted in mid-July.

A separate tracker from Lookonchain cited ongoing purchases of 175.3 million PUMP — worth nearly $705,000 in the last several hours — and pegs cumulative buybacks at 7.66 billion PUMP valued at about $30.65 million or 0.766% of supply.

The variance likely stems from methodological differences among dashboards and real-time estimates. Notably, the official Pump.fun dashboard, which updates daily, records $34.4 billion in buybacks as of Aug. 12.

Pump.fun began buying back tokens in July using platform fees, The Block reported at the time. The program coincided with heightened competition among Solana memecoin launchpads and debate over whether fee-funded repurchases can offset softer user activity.

Rival meme launchpad LetsBONK briefly overtook Pump.fun by daily volume and token launches at points in July, while earlier in the year, graduated-token counts fell sharply as the memecoin frenzy cooled. LetsBONK also pledged 1% of revenue to buy back top tokens launched via its protocol.

Pump.fun regained its dominance in Solana memecoins issuance earlier this month, but activity has remained choppy into August, even as PUMP’s buybacks continue, The Block’s data shows. Daily revenue has been in a downtrend since January highs, despite the launch of PumpSwap and the ICO.