PUMP, the utility token of the memecoin launch platform Pump.fun, is today’s top gainer. Its value has risen by 15% over the past 24 hours.
The surge follows the platform’s resumption of its PUMP token buyback program. The renewed buyback effort appears to have reignited investor interest that could fuel additional gains in the coming trading sessions.
Pump.fun Cuts Circulating Supply by 3.8 Billion Tokens
In a July 30 X post, on-chain sleuth EmberCNB found that Pump.fun transferred 12,000 SOL—worth approximately $2.16 million—to its designated $PUMP buyback address yesterday.
The move is the latest in a broader buyback initiative that began on July 16. According to the analyst, the platform initially transferred 187,770 SOL (around $30.53 million) from its fee wallet to fund the repurchase program.
Since then, Pump.fun has deployed 129,100 SOL—valued at about $21.5 million—to buy back 3.828 billion PUMP tokens from the open market.
By consistently using platform-generated fees to repurchase tokens, Pump.fun is reducing PUMP’s circulating supply, supporting upward price pressure. This approach has restored trader confidence over the past day, spurring them to accumulate the altcoin and driving its price up by double digits.
PUMP Draws Inflows Amid Bullish On-Chain Shift
On-chain data supports this bullish momentum. According to Coinglass, netflows into the PUMP spot markets have soared 135% today. This confirms the capital rotation into the altcoin since the buyback exercise was completed.
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A climbing spot netflow indicates that more capital is being funnelled into the market than taken out. This trend is a bullish indicator as it signals rising investor interest.
For PUMP, the rising spot netflow suggests renewed demand. This means traders are positioning themselves to capitalize on any potential upside driven by Pump.fun’s $2.16 million injection into its token buyback program.
Furthermore, the positive reading from the token’s Balance of Power (BoP) confirms the growing demand for the altcoin. As of this writing, the indicator is at 0.77.
The BoP indicator measures the strength of buyers versus sellers in the market, helping to identify momentum shifts. When its value is positive, buyers dominate the market over sellers and drive further rallies.
PUMP Bulls Target $0.0040 — But Will the Resistance Hold?
At press time, PUMP trades at $0.0031, just below the key resistance at $0.0032. Should capital inflows continue to rise, this level could be broken, transforming it into a new support floor.
A successful breakout could see PUMP rally towards $0.0040.
However, if profit-taking intensifies and demand fades, PUMP could lose its recent gains and drop back to $0.0022.
The post PUMP Soars 15% as Buyback Wallet Fills With 12,000 SOL appeared first on BeInCrypto.
