DEX

Wish i bought $PUMP last week. The new buyback news is huge.

When will $PUMP pump again...?

$FLOKI, a familiar canine, sees its attention wane, with a one-day dip of 0.38% and a weekly fall of 2.78%. Despite its longevity, trading volume indicates the initial hype around its token burn mechanism has faded for now. The crowd's interest, which once held this dog high, is clearly shifting elsewhere.

$BONE, the ShibaSwap governance token, shows little to excite the keen observer. While up 1.8% over the week, its one-day drop of 2.03% suggests the crowd is not yet convinced by recent efforts to bolster its utility. The ongoing discussion around the "Shibarium" ecosystem isn't translating into sustained momentum.

$PUMP, in contrast, appears to be enjoying its time in the sun, with a remarkable 46.0% surge over the last week and a 306.2% rise over three months, reaching a market cap of nearly $2B. Despite a recent one-day dip of 4.28%, the trading volume suggests genuine and sustained attention, rather than a fleeting whim or single listing.

I followed 33 $PUMP launches for 24 hours each (two one-hour windows on 22 September) to see what feeds the PUMP buyback. The curve fee was 1.25%: 0.95 to the protocol, 0.30 to the creator. The 76/24 split shows in the two fee transfers of a create transaction. Every launch drew at least one more trade inside the day. In the first window, five of ten creators claimed fees within the day: the largest claim was 0.0276 SOL ($3.17) and the five came to under $8 together. In the second, nine launches with no dev buy, one wallet's batch, got 2 to 4 trades each and a median of $0.000014 in creator fees, against $0.65 to $0.95 to launch. The protocol's cut is about three times the creator's, so launches like these add cents to the buyback. The money has to come from a tail that a sample of 33 does not catch.

And the buyback is large. DefiLlama has $23.6M for the last 30 days, half of the $46.7M that pump.fun and PumpSwap kept, which fits its note that the protocol holds back 50% since 28 April. Annualized that is about $288M, 10.4% of the $2.76B circulating cap. I read the mint today: no mint authority, supply 830.66B against 1T at launch, so 16.9% is gone for good.

Two cautions. Fees are not revenue: PumpSwap took $106M in fees in those 30 days and kept $13.7M, the launchpad took $46M and kept $33M, so about $15 of every $100 users paid went to buying PUMP. And the price is 6% below a year ago, after $282M of buybacks in that year.

My question: what share of pump.fun's revenue comes from the top 1% of coins? The totals are public and the concentration is not. It decides whether PUMP is a bet on launch count or on a few hits a month.

Two notes for this page: the market cap shown ($4.93B) is price times total supply, and the circulating figure is $2.76B. The FAQ gives the current price as $0.01 when it is $0.0059.

$PUMP is a gem! Pump.fun's roadmap signals a strategic evolution from a simple memecoin launchpad into a comprehensive, social-first trading ecosystem with potential multi-chain and multi-asset capabilities. The success of this expansion hinges on execution and user adoption. Will the platform's innovative features be enough to sustain its fee revenue and deflationary token model against rising competition?