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The average repurchase price of PumpFun is still 40% higher than the Spot! How much longer can PUMP hold on?
PumpFun has recently demonstrated an astonishing capital investment in the buyback of its own Token PUMP. According to on-chain data, the platform's buyback amount reached as high as 11.65 million USD in a single day, with an average repurchase price of 0.0058 USD, over 40% higher than the current Spot price of 0.0039 USD.
However, this positive buyback strategy is occurring against the backdrop of a downward trend in daily revenue, raising discussions in the market about its sustainability.
Single-day repurchase hits recent peak
Repurchase scale: On-chain analyst @adam_tehc data shows that PumpFun repurchased approximately 7.43 billion PUMP on Tuesday, worth $11.65 million.
Total investment: To date, the platform has spent approximately 43.38 million USD to repurchase tokens.
Market Background: Since the ICO launch in July, PUMP has raised approximately 600 million USD, with buyback actions linked to platform fee income.
Buyback Average Price vs Spot Price Difference
Average repurchase price: 0.0058 USD
Spot market price: 0.0039 USD
Price Difference: Higher than 40%+, indicating a significant gap between the repurchase price and the market trading price.
All-time high: PUMP has fallen about 42% after reaching $0.0068 in mid-July.
Income Decline and Market Competition
(Source: The Block)
Revenue Trend: Since the peak in January, PumpFun's daily revenue has been continuously declining, and even the launch of PumpSwap and ICO has not completely reversed the downturn.
Competitive pressure:
LetsBONK's daily trading volume and Token issuance in July once surpassed PumpFun, and it promised to use 1% of its revenue for repurchasing top Tokens.
The Memecoin craze has cooled down, the overall token issuance has decreased, and market activity has declined.
Signs of market recovery: At the beginning of this month, PumpFun regained its leading position in the Solana memecoin issuance, but the activity in August still shows volatility.
Analysis and Market Observation
Repurchase strategy intention: A repurchase price higher than the spot price may aim to support market confidence and price bottom.
Risk point: If income continues to decline, the source of repurchase funds may face pressure.
Key Observations:
Can PUMP hold the support level of 0.0039 USD?
Can platform revenue rebound in September?
Changes in market share with competitors.
Conclusion
PumpFun is actively repurchasing PUMP at a price 40% higher than Spot, demonstrating its determination to maintain the Token value, despite a decline in revenue. However, with increasing competition in the memecoin market and fluctuations in trading heat, whether this strategy will be effective in the long term remains to be seen, depending on the platform's revenue recovery and market activity. For investors, the price volatility of PUMP in the short term may intensify, and the pace of repurchases along with market demand will be key signals for judging the trend.