Memecoin launchpad pumpfun’s buyback strategy isn’t lifting its recently launched token as holders had likely hoped.

The buyback wallet, named kippahstayson.sol as a nod to the WIF memecoin’s “the hat stays on” slogan, purchased roughly $20 million worth of the PUMP token on Tuesday, using funds transferred from pumpfun fee-related wallets, with $17 million from a single AMM fee wallet.

However, the PUMP token is down almost 10% over the last 24 hours with two ICO whales selling more than $100 million worth of PUMP since its launch.

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