Pump.enjoyable (PUMP) has spent $350 million shopping for again its personal token since July 2025, but the value sits 81% beneath its September all-time excessive and lately hit file lows.
The Solana-based meme coin launchpad now faces rising neighborhood backlash over what critics name a tokenomics construction designed for extraction quite than development.
Why $350 Million in Buybacks Haven’t Moved the Needle
Pump.enjoyable’s official dashboard confirms cumulative purchases of $350 million in PUMP, eradicating roughly 116 billion tokens from circulation.
That equals about 32.9% of the circulating provide. The protocol directs practically all day by day income towards repurchases, averaging round $1 million per day.
Regardless of this aggressive technique, PUMP trades close to $0.00165, nicely beneath its $0.004 ICO value and much from its $0.0088 peak.
Customers argue that insiders maintain roughly half the availability and promote into every buyback for exit liquidity.
“They personal 50% of the $PUMP provide they might have simply bought into each buyback as exit liquidity… Most likely one of many worst tokenomic buildings within the trade,” wrote 0xSweep.
Provide Strain and the July Cliff
Solely 59% of the one trillion PUMP provide presently circulates. A serious unlock scheduled for July 12, 2026, will make 41% of the locked provide tradable. Founders and early traders acquired tokens at negligible price.
On-chain knowledge from March confirmed a team-linked pockets transferring 1.75 billion PUMP to Bitget, reinforcing sell-off issues.
In the meantime, cumulative protocol income has surpassed $1 billion based on DefiLlama, but none of it has translated into sustained token appreciation.
Whether or not the buyback program represents real worth return or a liquidity exit ramp for insiders will depend upon what occurs when these locked tokens hit the open market this summer time.
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