Pump.fun has been implementing an aggressive buyback strategy recently, which has driven its official token PUMP to reach a new high this week since its ICO.
On July 12, Pump.fun launched its ICO, raising approximately $1.32 billion, with an issuance price of $0.004 per token. However, just half a month after its launch, the token price dropped over 65%, hitting a low of $0.002. During this period, the project team simultaneously initiated a buyback plan, and as of September 16, they had spent about $94.5 million to repurchase PUMP tokens, holding approximately 6.582% of the circulating supply. Additionally, the PUMP token was officially listed for spot trading on Binance on September 11, further enhancing its market tradability and liquidity.
Pump.fun expects daily buybacks to remain at a level of $1–2 million. Based on the platform's daily revenue of $1.5 million, the total buyback amount for the year is expected to reach $1 billion.
Currently, market sentiment towards the PUMP token is notably divided. Some investors are optimistic about the price support brought by the scarcity driven by the buyback, while others are concerned about the platform's revenue situation and the risk of large holders selling off, remaining cautious about the token's future trend.
On-chain data shows that the overall number of PUMP holders is increasing, but two early holders have sold 2.95 billion PUMP tokens (approximately $101 million) below the ICO price. Although the exit of these large holders is not enough to make the market completely bearish, considering that ICO participants still hold up to 55% of the token supply, it undoubtedly keeps investors cautious.
In terms of platform business, Pump.fun founder Alon Cohen claimed that the platform has surpassed its competitor Rumble in the number of concurrent live streams and is now close to capturing about 1% of the Twitch market share, reaching about 10% of the Kick market share. However, there are still doubts about the sustainability of its model. StreamCharts data shows that Rumble had an average of 251 concurrent live streaming channels over the past 30 days, with over 56,000 viewers, while independently verifying Pump.fun's data has proven difficult.
To maintain the current market momentum, Pump.fun is extending its 30-day trading volume-based incentive program. This program, which was initially launched in July 2025, aims to reclaim market share from competitors like LetsBONK.fun. According to the plan, users can earn PUMP token rewards based on their trading activity, with real-time trading volume tracking achieved through an SDK. This initiative is expected to stabilize trading volume and attract more liquidity, but excessive token distribution without careful management could also lead to token dilution.
While focusing on the market heat of the PUMP token, the platform's live streaming ecosystem is also rapidly developing. The recent emergence of popular projects on Pump.fun not only reflects the activity of creators but also influences the trading activity and market attention towards the token. Therefore, reviewing these popular projects may help to gain a more comprehensive understanding of the platform's future development potential.
Bagwork
Bagwork is inspired by the "punching a sandbag" action in boxing training, symbolizing the fight for one's crypto assets. The project combines fitness spirit with crypto trading, encouraging holders to become true "Bagworkers." In its early launch phase, the developers quickly attracted attention through a series of bold actions, such as live streaming being arrested at Dodger Stadium in Los Angeles and stealing a hat at fitness influencer Bradley Martyn's ZOO Culture gym, only to be slapped on the spot. These actions sparked widespread discussion on social media, driving the token price to soar.
Secondary performance: The Bagwork token has performed strongly since its launch just four days ago. Since the evening of September 13, its market cap has rapidly risen from $2.5 million, peaking over $50 million, and currently maintains around $35 million.
StreamerCoin
StreamerCoin employs a "tipping" mechanism, allowing users to support their favorite streamers through transaction fees, similar to a Web3 version of TikTok tipping. The project has successfully attracted support from over 200 streamers, with its market cap once reaching $15.7 million. Its innovative incentive mechanism has brought sustained user growth and activity to the platform.
Secondary performance: The STREAMER token has been active since its creation on September 3. Last weekend, its market cap briefly rose to $40 million and currently maintains around $16 million.
KIND
KIND was initiated by a well-known Web2 creator, focusing on charity and creator reward models. The project allocates 100% of creator earnings to support small streamers, emphasizing community care and value return. Since its launch on September 7, KIND has attracted significant attention and active users due to its unique charitable positioning and creator incentive mechanism.
Secondary performance: Since its launch, the KIND token's market cap has rapidly climbed from $2 million to about $27 million, with increasing activity from creators and viewers, and a noticeable rise in community interaction in the live streaming sector.
Summary:
Despite potential risks from some large holders selling off and the concentration of ICO holdings, the buyback plan and liquidity improvements provide support for short-term prices. The rapid development of the platform's live streaming ecosystem and the emergence of popular projects like Bagwork, StreamerCoin, and KIND not only enhance creator activity but also increase market attention.
Overall, Pump.fun has achieved certain results in attracting users and promoting token trading, but the long-term stability of the token still relies on the platform's revenue, community activity, and the continued development of the creator ecosystem. Investors need to pay attention to market fluctuations and potential risks.
Related: Standard Chartered Bank: As the market's net asset value (mNAV) plummets, the digital asset treasury is under pressure.
Original article: “PUMP Token Surges Fourfold from Its Low, Drawing Attention as Pump.fun's Creator Ecosystem Takes Center Stage”
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