Pump.fun, the Solana-based memecoin launchpad, has repurchased roughly $15 million of its native PUMP token in the past two weeks, sending its market capitalization back above $1 billion.
The token gained more than 32% over the past 30 days, trading at around $0.0032. The rebound follows weeks of buybacks funded by platform fees. Earlier buys were executed at an average of more than 40% above spot prices, though that gap has since narrowed to about 20%, data from Dune Analytics shows.
PUMP still trades below its $0.004 initial offering price and more than 50% beneath its July 16 peak. At its July high, the token briefly touched a $2.2 billion market capitalization before a sharp selloff halved its value, underscoring the volatility typical of Solana-based meme assets.
Pump.fun’s revenues climbed alongside the buybacks. Daily income topped $1 million every day since Aug. 6, while trading volumes on the platform exceeded $210 million in the past 24 hours, The Block reported. The launchpad captured about 86% of Solana token graduations, reclaiming market share from rivals including LetsBonk, and recently crossed $800 million in lifetime revenue. That revenue figure places Pump.fun among the most profitable decentralized applications on Solana, rivaling even DeFi heavyweights like Jupiter and Orca, according to DeFiLlama data. In June alone, Pump.fun generated more protocol fees than Solana’s leading lending platform, marginfi.
The boom in Pump.fun’s ecosystem contrasts with a slowdown across the wider Solana decentralized exchange (DEX) sector. Daily active users on Solana DEXs fell below 1 million for three consecutive days — the first such run in months — highlighting how memecoin activity is becoming increasingly concentrated on Pump.fun even as broader DeFi participation on Solana cools.
Overall Solana DEX volumes have slipped to around $1.1 billion per day from peaks of more than $2.5 billion in mid-July, a decline analysts attribute to falling retail activity after the memecoin frenzy cooled. Yet Pump.fun’s share of Solana transaction fees has risen to nearly 40%, cementing its status as the chain’s most active retail-facing product.
Beyond Solana, memecoin mania remains a broader crypto driver: Ethereum-based tokens like PEPE and Brett continue to attract liquidity, but Pump.fun has outpaced them in fee revenue in recent weeks. Analysts note that its fee-driven buyback model, where every token launch contributes to PUMP demand, has created a self-reinforcing cycle — though one that could unwind quickly if user activity falls.
