The newly launched Pump.fun coin, the native cryptocurrency of the Pump.fun meme coin launchpad, has hit the ground running after launching on 12 July. Its price has just hit a new all-time high (ATH) of $0.006812, buoyed by the team initiating a new buyback program.
On-chain data shows that Pump.fun has sent $16 million worth of $SOL to the project’s buyback address to start purchasing $PUMP from the open market.
The buyback initiative is reminiscent of the method used by competing meme coin launchpad LetsBonk, as well as futures trading layer 1 blockchain Hyperliquid. It’s fair to say that, both times, buybacks have proved a massive catalyst for price gains.
$PUMP is already at a substantial premium. Currently trading at $0.64, it has delivered a 60% ROI from its $0.004 ICO price.
Pump.fun Price Rallies 20% on Buyback Scheme Launch
Pump.fun’s native token has gotten off to a solid start, having gained 20% in the past 24 hours – despite some concerns that it may struggle.
The demand for $PUMP was reflected in the presale, which sold out in 12 minutes, raising $500 million.
As is common for crypto presales, there was a brief selloff in the opening hours following the exchange launch. This was due to presale buyers locking in profits.
However, things swiftly turned around with $PUMP finding support at $0.52, which was still more than a 25% premium from the ICO price.
Fueling the $PUMP surge, it appears that traders are rotating capital from other meme coins. Blockchain analytics X account LookOnChain highlighted how two wallets transferred approximately $6 million worth of Fartcoin into $PUMP.
Pump.fun’s buyback scheme amplified the bullish momentum. According to Delphi Digital, the project will allocate 25% of its revenue to purchasing $PUMP from the open market.
With over $630 million in revenue generated since launching in 2024, this puts its annualized value accrual at $157.5 million. Based on its current market capitalization of $2.3 billion, this yields a market cap-to-earnings ratio of 14.6x.
Compared to other Solana apps such as Jupiter, Raydium, and Jito, which trade at higher earnings multiples, Pump.fun is currently available at a discount. This likely reveals the reason it is outperforming the market right now, and why it may continue to do so in the weeks ahead.
Next Presales to Explode After $PUMP?
Pump.fun’s success is fueling anticipation for the next presale that could explode. One project showing alot of potential is Snorter, a meme coin trading bot designed to provide users with an edge in finding promising new launches.
It introduces features such as copy trading, automated token sniping, MEV resistance, rug pull detection, and limit orders. The project is built on a private RPC infrastructure that bypasses the usual congestion of decentralized changes.
Snorter also stands out for its fee structure, offering $SNORT holders discounted trading fees at just 0.85%. That could present massive savings, considering trading bots average at 1.5% fees.
The Snorter presale has raised $1.9 million so far, demonstrating strong market appeal while leaving ample room for growth, particularly in comparison to the $2.3 billion valuation of $PUMP.
Bitcoin Hyper also shows real potential right now. It’s a Bitcoin layer 2 blockchain built using the Solana Virtual Machine. This means that it’s not just competing with other L2s on speed and fees; it’s bringing Solana’s ecosystem to Bitcoin.
Without needing wrappers or learning a new programming language, Solana developers can now seamlessly port their apps and tokens to the Bitcoin ecosystem, harnessing its $2 trillion liquidity and robust security infrastructure.
Pump.fun itself could even migrate to Bitcoin through Bitcoin Hyper.
Its presale has raised $3 million so far, with over $150,000 flowing in during the last day alone.
The Bitcoin Hyper presale is gaining momentum quickly. If it continues to do so, there’s every chance that this is the next 10x presale.
