Pump.fun’s $350 million token buyback programme has failed to stabilise PUMP, with the token now trading near record lows despite aggressive repurchases.
The Solana-based platform has removed roughly 116 billion tokens from circulation, representing about 32.9% of supply, while allocating nearly all daily revenue toward buybacks.
“They own 50% of the $PUMP supply they could have easily sold into every buyback as exit liquidity,”
Said user 0xSweep, criticising the project’s tokenomics.
Despite these efforts, PUMP remains down 81% from its peak and below its initial coin offering price, raising concerns about structural weaknesses in its economic design.
Critics argue that insider holdings may be driving continued selling pressure, potentially offsetting the impact of buybacks and limiting price recovery.
Further downside risk looms with a July 2026 unlock that will release 41% of total supply into the market, increasing potential sell pressure.
While the protocol has generated over $1 billion in revenue, analysts say the key question is whether buybacks reflect genuine value creation or simply provide liquidity for early investors to exit.
At the time of reporting, Pump.fun price was $0.001714.