PUMP’s selling pressure was too high to prevent the steep price decline over the past week, but the token has found some support in the short term.

Pump.fun [PUMP] fell 8% at the start of Saturday, the 26th of July, but recovered those losses later in the day.

The memecoin launchpad token has been in a persistent downtrend within days of its launch on the 16th of July. A heavy sell-off by top holders saw PUMP fall below the Initial Coin Offering (ICO) price on the 22nd of July.

Pump.fun had deployed millions of dollars after the ICO to buy back PUMP tokens. The buyback plans were greeted with enthusiasm by the community. Previously, its accrued fees would be cashed out .

This was decried by community members and labeled as “extractive” by crypto commentators. The buyback has deployed $19.6 million since launch, but the PUMP downtrend is not closer to ending.

In a post on X, analyst Cirrus observed that this $19.6 million in buybacks was only worth $7.6 million at current market prices.

Another market participant opined on Reddit that a $19.6 million buyback was too little for a $2.4 billion market cap asset, while another called the buybacks a “smart way” to pump prices before dumping from their personal wallets.