Pump.fun Buys Back $6.68M PUMP in SOL Blitz – Bid for Solana Meme Leadership?

Pump.fun, the Solana memecoin launchpad, is under pressure as it scrambles to defend its native token, PUMP, from a steep decline. In a bid to stabilize its price, the team has been aggressively buying back tokens using SOL, with one of its largest buybacks to date looking to be recorded.

On August 8, on-chain tracker Arkham reported that Pump.fun had sent 33,000 SOL to the wallet it uses for strategic buybacks. Worth $5.6 million in SOL, the launchpad is looking to buy approximately 1.77 billion PUMP at the current market price.

In total, that wallet has already purchased $6.68 million worth of PUMP, with $5.72 million of it already moved into a Squads Vault.