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Pump.fun has repurchased $350 million worth of its native PUMP token since July 2025, removing roughly 116 billion tokens—about 32.9% of the circulating supply—from the open market. Despite the aggressive buyback campaign, averaging nearly $1 million per day, the Solana-based meme coin launchpad’s token has continued to decline, recently reaching all-time lows and trading about 81% below its September peak of $0.0088. PUMP is currently around $0.00165, well below its $0.004 ICO price.
As PUMP’s price weakens, the crypto community has grown increasingly critical of Pump.fun’s tokenomics model. Critics argue that the buyback program may benefit insiders more than retail holders. They point to the claim that team-affiliated wallets and early investors collectively control roughly 50% of the total one-trillion PUMP supply, which they say could allow these groups to sell into each buyback cycle as exit liquidity.
On-chain data cited from March is used to support these concerns, including a team-linked wallet transferring 1.75 billion PUMP to the Bitget exchange—an action widely interpreted as a coordinated sell-off.
Adding to the bearish outlook is a major token unlock scheduled for July 12, 2026. On that date, 41% of the currently locked supply is expected to become tradable. Because founders and early backers acquired these tokens at near-zero cost, critics warn that large-scale selling could overwhelm demand and further pressure prices.
Despite the negative price action, Pump.fun is described as not being a struggling platform. Cumulative platform revenue has surpassed $1 billion, according to DefiLlama, indicating sustained user activity across its meme coin launchpad ecosystem. However, the article notes that this financial performance has not produced lasting appreciation for PUMP holders.
The coming months are framed as a key test for the buyback strategy: either it demonstrates genuine support for tokenholders, or the July 2026 unlock is viewed as revealing a structured exit route for privileged early participants.
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