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$PUMP surges over 20% after team reportedly buys back nearly 3 billion tokens

Altcoins
By admin
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$PUMP surges over 20% after team reportedly buys back nearly 3 billion tokens

PUMP, the newly launched token from prominent meme coin launchpad Pump.fun, has surged over 20% in the past 10 hours amid reports of a team-led buyback.

The rally briefly pushed PUMP’s market capitalization to $2.4 billion, overtaking BONK. However, as of the time of writing, BONK has regained its lead, according to CoinGecko data.

$PUMP surges over 20% after team reportedly buys back nearly 3 billion tokens

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On-chain data tracked by Lookonchain shows that Pump.fun recently transferred 187,770 Solana (SOL) worth over $30 million to a designated buyback address. Of that, the team sold 118,351 SOL to purchase nearly 3 billion PUMP at an average price of $0.0064.

After an ICO over the weekend that raised $500 million, Pump.fun launched its PUMP token on major crypto exchanges on Monday.

A wide variety of exchanges now offer spot trading and deposits for PUMP, including Coinbase, Bybit, MEXC, Bitget, Gate, KuCoin, and Hyperliquid, with the latter offering up to 5x leverage on perpetual contracts.

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