Pump.fun’s Meteoric Rise

The Solana memecoin launchpad market, known for its volatility, has become a battleground between Pump.fun and LetsBonk since July. The market’s share is determined by the number of graduated tokens, which reflects meaningful activity rather than mere token launches. The sudden shift in dominance suggests a strategic move by Pump.fun to outpace LetsBonk.

Influence of Key Memecoin Deployers

Renowned crypto trader and blockchain analyst, @WazzCrypto, highlighted the role of top memecoin deployers in this market shift. According to a Dune dashboard, these deployers, previously active on LetsBonk, moved en masse to Pump.fun, contributing significantly to its rise. This mass migration of the top 10 deployers, often bots, was pivotal in Pump.fun capturing the spotlight.

The Role of Bots and Buybacks

Bots have played a crucial role in the Solana memecoin market. Coinbase director Conor Grogan noted the extensive use of bots in launching tokens on both Pump.fun and LetsBonk. On average, top accounts launch a new token every three minutes, underscoring the intensity of bot activity.

Furthermore, Pump.fun’s aggressive buyback strategy of its PUMP tokens has bolstered its market position. By using platform revenue to reacquire its nearly three billion publicly sold tokens, Pump.fun has strengthened investor confidence and market stability.

Financial Moves and Future Prospects

In July, Pump.fun raised a staggering $600 million through a public sale of PUMP tokens, which sold out in a mere 12 minutes. This financial muscle has allowed Pump.fun to execute its buyback strategy effectively.

Meanwhile, LetsBonk is not out of the race. Recent indications suggest it might introduce a points system to incentivize creators and traders, potentially regaining lost ground. The Solana-news X handle reported that LetsBonk is exploring a rewards plan to reclaim market share.

Despite these developments, the Solana memecoin market has cooled off since the start of the year. At its peak in January, Pump.fun’s daily revenue reached between $4 million and $6 million, according to The Block’s data.

As the battle for dominance continues, the Solana memecoin ecosystem remains a dynamic and unpredictable space, reflecting the broader volatility inherent in the cryptocurrency market.

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Pump.fun’s Rollercoaster Ride

Pump.fun has experienced a volatile journey since its launch on July 14. Initially, the token surged by 70% from its Initial Coin Offering (ICO) price of $0.0040, peaking at an all-time high (ATH) of $0.0068. However, this upward momentum was quickly stifled by significant selling pressure from large investors and setbacks concerning a highly anticipated token airdrop.

Just a week post-launch, the token’s value plummeted below its ICO price, further declining past the $0.0030 threshold. On July 29, Pump.fun reached an all-time low (ATL) of $0.0022, marking a dramatic 70% drop from its ATH. Despite this downturn, the token has oscillated between $0.0024 and $0.0029, attempting multiple times to break free from this range.

The Impact of Token Buybacks

The recent upward trend in Pump.fun’s price can be attributed to the platform’s buyback program and renewed interest from whales. A notable investor, who previously incurred a $125,000 loss on Pump.fun, made a substantial purchase of $3.16 million worth of tokens. Additionally, Lookonchain revealed that another whale spent 17,542 SOL to acquire $1.06 billion of $PUMP at a price of $0.00297.

Community members have observed that “PumpFun has shifted focus to what appears to be a comprehensive token buyback strategy, with 98% of PumpFun / PumpSwap revenue being directed towards purchases.” On July 30, the platform transferred 12,000 SOL, equivalent to $2.16 million, to its buyback address.

Analyzing the Recovery Potential

Crypto analyst Altcoin Sherpa has highlighted recent positive price movements, suggesting that Pump.fun may be on the verge of a “hated rally.” He anticipates that the bottom is near, with a significant upward correction likely to follow. However, some community members express skepticism, labeling the buyback efforts as “erratic” and questioning their consistency.

Despite these concerns, Pump.fun’s strategic buybacks could potentially stabilize the token’s price and restore investor confidence. As of now, PUMP is trading at $0.0027, reflecting a 7% decline over the past week. The crypto community remains divided, yet hopeful, about the future trajectory of Pump.fun.

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After hitting a new low merely days ago, Pump.fun’s price action suggests a recovery rally may be underway. Crypto enthusiasts and analysts alike are closely watching as the token attempts to reclaim key resistance levels.

Pump.fun’s Rollercoaster Price Action

On Thursday, Pump.fun retested a crucial level following a period of decline. The token, which launched on July 14, initially surged 70% from its Initial Coin Offering (ICO) price of $0.0040 to reach an all-time high of $0.0068. However, subsequent selling pressure and delays in anticipated token airdrops resulted in a downward spiral.

Within a week of its launch, Pump.fun’s value fell below its ICO price, plummeting beneath the $0.0030 mark. The cryptocurrency hit an all-time low of $0.0028 last Thursday after co-founder Alon Cohen announced a delay in the PUMP airdrop. Since then, the token has fluctuated between $0.0024 and $0.0029, attempting to break this range multiple times.

In the last couple of days, Pump.fun surged nearly 30%, surpassing the $0.0030 resistance for the first time in a week. On Thursday, the token rose by 12% to hit a weekly high of $0.0032 before retreating to the $0.0027-$0.0029 range.

Token Buybacks: A Catalyst for Recovery?

The recent surge in Pump.fun’s price can be attributed, in part, to the platform’s aggressive token buyback strategy. Investor interest has been reignited, as evident from a large-scale investor who previously lost $125,000 on PUMP reinvesting $3.16 million into the token.

On-chain data reveals that Pump.fun has been actively buying back tokens, utilizing funds from its revenue to stabilize the price. Lookonchain reported a whale’s purchase of 17,542 SOL, equivalent to $1.06B PUMP at $0.00297. Additionally, EmberCNB noted that Pump.fun transferred 12,000 SOL, approximately $2.16 million, to its buyback address on July 30.

The memecoin launchpad initiated this repurchase strategy on July 16, transferring 187,770 SOL, or about $30.53 million, from its fee wallet to the buyback address. Since then, the platform has bought back 3.828 billion PUMP tokens for 129,100 SOL, valued at $21.5 million.

Despite these efforts, some community members have expressed concerns about the consistency of the buybacks, describing them as erratic. An X user commented on the unpredictable nature of these buybacks, suggesting the initiative could be more systematic.

As of the latest update, Pump.fun is trading at $0.0027, reflecting a 7% decline over the weekly timeframe. However, the ongoing buyback strategy and renewed investor interest could potentially fuel a sustained recovery.

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Understanding the Rollercoaster of Pump.Fun

Pump.fun has been on a volatile journey, experiencing extreme price fluctuations since its launch. Initially released on July 14, the token saw a meteoric rise of 70% from its Initial Coin Offering (ICO) price of $0.0040, reaching an all-time high (ATH) of $0.0068. However, this was short-lived as selling pressure and delays in anticipated token airdrops caused a steep decline.

Within a week, Pump.fun plummeted below its ICO price, with its value dropping under the $0.0030 threshold. The situation worsened when the platform’s co-founder, Alon Cohen, announced a postponement in the airdrop, leading to a new low of $0.0022 by July 29, nearly a 70% drop from its ATH.

Pump.Fun Rally: Can It Sustain?

Despite these challenges, the past two days have been promising. Pump.fun has rallied nearly 30% from its lows, breaking past the $0.0030 resistance. This surge saw the token achieve a weekly high of $0.0032, momentarily before a slight retracement.

Crypto analyst Altcoin Sherpa has taken note of these movements, hinting at a potential breakout and a so-called “hated rally” on the horizon. He had previously predicted that a bottom was imminent and could be followed by a significant upward momentum.

The Role of Token Buybacks

The recent Pump.Fun rally appears to be driven by an active buyback program and renewed whale interest. A noteworthy transaction occurred when a large-scale investor, who had previously incurred losses, purchased $3.16 million worth of tokens. Lookonchain reported significant transactions, including a whale spending 17,542 SOL to acquire $1.06 billion of PUMP at $0.00297.

Community observations reveal that PumpFun is focusing heavily on token buybacks, with a substantial portion of PumpSwap revenue allocated to buying PUMP. Additionally, the platform transferred 12,000 SOL, valued at $2.16 million, to the buyback address on July 30, suggesting a committed repurchase strategy.

Despite these efforts, some community members express concerns over the buyback’s inconsistency, questioning its long-term impact.

As the Pump.Fun rally continues, the token currently trades at $0.0027, reflecting a 7% decline over the past week. The coming days will be crucial in determining if this rally marks the start of a sustained recovery or just a fleeting market reaction.

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The legal action, initiated on Wednesday, points fingers at Pump.fun’s operators, including the anonymous developer known as Bernie, parent firm Baton Corp., and infrastructure allies like Solana Labs, the Solana Foundation, Jito Labs, and the Jito Foundation.

The lawsuit charges these entities with functioning as an “unregulated casino,” leveraging market instability and hype instead of providing investor protections or transparent disclosures.

The filing claims, “The setup mirrors a manipulated slot machine where initial players profit by offloading their tokens on subsequent ones. There is no underlying project, product, or revenue — just a whirlwind cycle of purchasing, offloading, and collapse.”

In addition to the original allegations, the revised lawsuit intensifies the scope of the purported wrongdoing. It now includes RICO claims, fraud, aiding and abetting, civil conspiracy, and unjust enrichment. The plaintiffs are demanding nullification of all Pump.fun transactions and compensatory damages for the alleged harm inflicted by a “rigged” system.

The role of Solana-affiliated organizations in enabling the alleged scheme is highlighted in the lawsuit. The plaintiffs maintain, “Solana Labs and the Solana Foundation offered the platform — the Solana blockchain itself — and monetized each bet through block space sales, validator fees, and SOL token appreciation.”

The lawsuit also underscores the role of liquidity infrastructure provided by Jito Labs and Jito Foundation, which reportedly profited from maximum extractable value strategies linked to memecoin trading on Pump.fun.

Initially filed in January this year, the lawsuit accused Pump.fun of using guerrilla marketing to generate false urgency for “extremely volatile” tokens, which allegedly yielded nearly $500 million in fees. The token value of Pump.fun plummeted as early investors sold, causing panic among investors.

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The page indicated the sale of 150 billion tokens at $0.004 each from a total supply of 1 trillion tokens. The collection would round off to approximately $600 million. The page also mentioned that this IEO (Initial Exchange Offering) is Pump’s “first official public token sale” with a valuation of $4 billion.

However, the crypto exchange later scrubbed the page from both its English and Chinese websites, currently displaying a 404 “page not found” error. A statement from Gate.io support regarding the page removal has only muddled the situation further, stating, “following negotiations between Gate and the project, Gate has removed Pump.fun Pre-Market OTC. Currently, there is no confirmed date or announcement for its relaunch.”

The statement refers to an October 2024 announcement that the platform would no longer support over-the-counter trading for Pump.fun. Cointelegraph attempted to get comments from Gate.io and Alon Cohen, the founder of Pump.fun, but no immediate response was received.

Pump.fun experienced a surge in popularity in January amidst the memecoin minting frenzy. The platform has enabled the creation of over 11 million new tokens with a combined total revenue of about 4.4 million Solana SOLUSD, or approximately $655 million, according to Dune Analytics. However, the platform’s volumes have declined by around 75% since the peak of the memecoin frenzy in January. DefiLlama reports a sharper 80% drop in daily volume on the platform over the last six months.

In early June, rumors circulated that Pump.fun was looking to raise $1 billion through a token sale that would value the company at $4 billion. Neither the platform nor its co-founder, Alon Cohen, confirmed these rumors despite a report at the time citing sources familiar with the matter.

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Adam_Tehc, the creator of the Dune dashboard, initially noted that LetsBONK surpassed Pump.fun in terms of 24-hour token launches on early Sunday morning. By Sunday afternoon, in the U.S., LetsBONK had registered approximately 15,600 token launches, compared to 11,500 by Pump.fun in the past day.

Beyond just the token launches, LetsBONK also witnessed an increase in token graduations on Saturday, July 5, with 135 tokens graduating as against 103 by Pump.fun, as per Adam_Tehc’s dashboard. Data from Solana DEX aggregator, Jupiter, showed LetsBONK’s market share at 49.80% on Sunday afternoon, compared to Pump.fun’s 40.90%. LetsBONK saw $86 million more in 24-hour trading volume, though Pump.fun had more than double the active traders on its platform.

LetsBONK’s founder, Tom, who is known as @SolportTom on X, responded to this development, stating that there’s still a long journey ahead to ensure this becomes a daily occurrence, but the competition is definitely on.

LetsBONK supports the BONK memecoin, a Solana memecoin, created following the FTX collapse in December 2022 to enhance Solana’s liquidity. Half of its fee revenue is used to purchase and burn BONK tokens. Fee revenue also goes towards buying BONKsol, a liquid staking token, and supporting other ecosystem initiatives.

According to The Block’s BONK Price page, the price of BONK has increased by about 22% over the past 24 hours.

LetsBONK recently concluded a hackathon with a $200,000 prize pool. Tom mentioned on X that the LetsBONK team would take a few days to a week to review the submissions before distributing the prize money.

The largest memecoin launch on the platform to date, Useless Coin, currently trades with a market capitalization of approximately $264 million as per CoinGecko data.

Pump.fun, on the other hand, is reportedly planning to raise $1 billion through an initial coin offering and is considering sharing protocol revenue with token holders.

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Details on what portion of the revenue from this Solana-based memecoin platform will be channelled towards the upcoming PUMP token via the “buyback-powered utility structure” remain hazy. It’s also unclear whether this will encompass revenues derived from PumpSwap, the decentralized exchange that was inaugurated earlier this year. Multiple attempts to reach out to Pump.fun for a comment were met with silence.

As per data from The Block, Pump.fun saw its daily revenue crest at over $7 million on Jan. 23, before settling down to around $1 million daily. The platform has raked in an impressive total revenue of approximately $677 million since its inception in early 2024, positioning it as one of the most successful startups in the crypto sphere.

A source close to the founding team, who wished to stay anonymous, shared with The Block, “The plan is still fluid, but the aim is to have a buyback linked to a part of Pump revenue generated. The idea is for tokens to be unlocked at the TGE for those who partake in the sale, be it private or public.”

Pump.fun initially hinted at a token launch in October of the previous year, when one of the co-founders, who was then unidentified, stated during an X Spaces event that they were “intending to launch a token in the future” to “reward our pioneering users.” Earlier this week, Blockworks reported that the startup is gearing up for an ICO valued at $4 billion. The company has yet to confirm or refute this report, which has sparked widespread discussion in the crypto world.

The PUMP token, set to be offered to both public and private investors, is predicted to be fully unlocked at the token generation event, as per two sources acquainted with the plan. Future token issuances are a possibility, although the total supply is projected to be capped at 1 trillion tokens.

At present, the team is pitching to private investors at $0.004 per token, with plans for a public sale in the pipeline within a fortnight, said one source. A portion of the sale is said to be conducted on exchanges including Binance, and an airdrop is anticipated. Roughly 25% of the token supply will be allocated for the public sale, with an additional 10% earmarked for the airdrop, one source speculated.

“All the revenue we’ve accrued so far is being poured back into the platform,” the founder revealed in October. “We aspire to establish something as monumental as Binance — even surpassing it. Our goal is to democratize this.”

Pump.fun is often lauded for breathing life back into the Solana ecosystem, which was pummelled by the downfall of significant SOL supporter Sam Bankman-Fried. The potential ICO appears to have invigorated recent user activity on Pump, which had been experiencing a notable decline since the year’s commencement. According to data from The Block, the percentage of “graduated” tokens — those that witness enough market activity to transition onto an affiliated decentralized exchange — has shot up to over 4% from a recent low beneath 1%.

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© 2025 The Block. All Rights Reserved. This article is intended for informational purposes only. It is not to be utilized as legal, tax, investment, financial, or other advice.

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The rumor mill spun faster following a report from Blockworks that cited unnamed sources, claiming that the launchpad — renowned for its quick token creation feature — is gearing up to raise $1 billion through a token sale. The same report alleged that the token would carry a hefty $4 billion valuation, as confirmed by three different sources.

However, Pump.fun remains tight-lipped, neither confirming nor denying the circulating rumors. No official details have been disclosed about the token’s utility or launch specifics. When approached for a statement, Pump.fun remained unresponsive by the time of publication.

The crypto community has shown mixed responses to these rumors. While crypto influencer Ansem is eagerly awaiting the token’s potential listing on decentralized exchange Hyperliquid, social media figure Ash Crypto critiqued Pump.fun for turning altcoin traders into memecoin gamblers, claiming that the platform has already “extracted” $700 million while leaving most investors in the red.

According to data from DefiLlama, as of June 4, Pump.fun has raked in total revenues nearing $677 million. As the rumors circulate, the platform has seen its monthly revenue drop by 66%, earning $46.6 million in May, down from January’s $137 million. The rumors are also taking place amidst a slowdown in the memecoin market, causing traders to question the sustainability of memecoins after witnessing significant declines in their value. Data from CoinMarketCap shows that the total market cap for meme-based tokens has suffered a $64 billion loss on June 4, a steep 54% fall from December’s $137 billion.

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Pump.fun unveiled PumpSwap on March 20 with the aim of providing a platform for successful memecoins to transition directly to PumpSwap, thereby sidelining Raydium, one of the premier Solana-based exchanges and automated market makers (AMMs). As per The Block’s data, Raydium had handled a quarter of the total DEX volume in January, surpassing all other exchanges.

However, PumpSwap has quickly risen to the top among Solana DEXs. On a particular Saturday, PumpSwap facilitated 67.4% of the volume handled by multiple major Solana DEXs, while Raydium settled for the second-largest market share at 18.2%. No other exchange managed to capture more than 5% of the market, as per the dashboard.

PumpSwap has netted over $20 million in protocol fees, and liquidity providers have reaped over $5 million in fees. In addition, nearly 700,000 wallets have accessed the protocol. Despite PumpSwap’s success, Pump.fun has recently seen a decrease in exchange volume as the memecoin trading fever subsides. Pump.fun’s team has hinted at future plans for a native token launch.

In the meantime, Raydium is developing a memecoin launchpad named LaunchLab, presumably to rival Pump.fun, as previously reported by The Block. The Block continues to provide objective, impactful, and timely information about the crypto industry, operating independently despite being majorly invested in by Foresight Ventures, which also invests in other crypto companies, including crypto exchange Bitget, an anchor LP for Foresight Ventures.

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