PUMP, the newly launched token from prominent meme coin launchpad Pump.fun, has surged over 20% in the past 10 hours amid reports of a team-led buyback.
The rally briefly pushed PUMP’s market capitalization to $2.4 billion, overtaking BONK. However, as of the time of writing, BONK has regained its lead, according to CoinGecko data.
On-chain data tracked by Lookonchain shows that Pump.fun recently transferred 187,770 Solana (SOL) worth over $30 million to a designated buyback address. Of that, the team sold 118,351 SOL to purchase nearly 3 billion PUMP at an average price of $0.0064.
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