According to Onchain Data, Developers in This Altcoin May Have Started Buying Their Own Altcoins

Popular Solana-based token launch platform PumpFun may have conducted the first buyback for its token PUMP, according to onchain data.

According to data from the Dumpster DAO, the project completed a buyback of approximately $2.3 million in tokens in just 20 minutes. This transaction was funded from Pump.fun’s wallet, which consists of transaction fees.

Launched yesterday, the PUMP token quickly gained popularity after a $600 million initial offering (ICO) held over the weekend, which sold out in just 12 minutes. After launching, the token quickly rose into the top 65 cryptocurrencies by market capitalization and currently ranks 63rd with a market capitalization of approximately $2 billion, according to CoinGecko. This value surpasses the market capitalization of US President Donald Trump’s official memecoin, TRUMP, and Sam Altman’s rebranded Worldcoin project, World.

Despite this, PUMP still lags behind its rival BONK in the Solana ecosystem in market capitalization. The two projects are in fierce competition for the launch platform market on Solana.

The token has been relatively stable throughout its first day of trading, fluctuating between $0.0049 and $0.0061. Currently, the price is around $0.0055. At its peak, PUMP has risen by 65% from its ICO price.

According to Dune data, following these developments, 21.6% of ICO participants sold their tokens on decentralized exchanges, while 43.4% transferred their tokens from their wallets to other wallets.

*This is not investment advice.