3 min read
Meme coin factory Pump.fun has seen its PUMP token rise 13% over the past 24 hours and 39.8% over the week to $0.0053, according to CoinGecko, putting it within touching distance of the value it debuted at in July of $0.0055. It is now far above its initial coin offering price of $0.004.
PUMP's climb comes after Binance.US listed the token on Wednesday. The token launchpad has also undergone a number of updates in recent days, including tweaks to the user interface, an exclusive Bubblemaps integration, and a partnership with crypto exchange MEXC, which is promising to list a Pump.fun token every Monday—the first of which was Trencher Broadcasting Company.
The platform has also continued to buy back its PUMP token with the protocol’s revenue. It purchased 11,785 SOL ($2.5 million) worth of the token on Tuesday, according to a Pump.fun-created dashboard, which represents more than 100% of that day’s revenue. Overall, Pump.fun has purchased $99.2 million worth of its own token, per the dashboard.
Pump.fun clawed back token launchpad market share a month ago, according to Dune data, after 30 days of dominance from the rival LetsBonk platform.
With this, Pump.fun’s daily revenue has also climbed back to highs not seen since May, per Dune, drawing in a peak daily revenue of $2.28 million in late August and $1.5 million on Tuesday. This revenue is then cycled back into PUMP via the aforementioned token buyback scheme.
Interestingly, despite the PUMP pump, its ecosystem tokens have traded flat as a category on the day, according to CoinGecko. But that doesn’t mean individual tokens haven’t budged. Instead, due to the volatile nature of meme coins, there are several double-digit winners and losers.
The biggest Pump.fun winner of the day out of the top 50 by market cap, per CoinGecko, is HYPER, a project that is creating a range of Web3 products, which has climbed 25% on the day. Meanwhile, SPARK, a meme coin based on a cartoon “magic talking dog,” has tanked 12%.
PUMP’s 81.5% climb over the past two weeks has put it within touching distance of its debut price of $0.0055. It now sits as the 79th largest cryptocurrency by market capitalization, ahead of BONK, which was pushing the rival LetsBonk meme coin launchpad.
Users of the platform have been praying that a PUMP airdrop is on its way. However, predictors on Myriad, a prediction market developed by Decrypt's parent company DASTAN, believe that it is 84% likely that an airdrop will not happen by the end of September. It appears the airdrop hopeful may have to wait at least a little longer.
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