Pump.fun (PUMP) has spent $350 million buying back its own token since July 2025, yet the price sits 81% below its September all-time high and recently hit record lows.

The Solana-based meme coin launchpad now faces growing community backlash over what critics call a tokenomics structure designed for extraction rather than growth.

Why $350 Million in Buybacks Haven’t Moved the Needle

Pump.fun’s official dashboard confirms cumulative purchases of $350 million in PUMP, removing roughly 116 billion tokens from circulation.

Pump.fun revenue and PUMP purchases since token launch. Source: Pump.fun

That equals about 32.9% of the circulating supply. The protocol directs nearly all daily revenue toward repurchases, averaging around $1 million per day.

Despite this aggressive strategy, PUMP trades near $0.00165, well below its $0.004 ICO price and far from its $0.0088 peak.

PUMP Price Performance. Source: TradingView

Users argue that insiders hold roughly half the supply and sell into each buyback for exit liquidity.

Supply Pressure and the July Cliff

Only 59% of the one trillion PUMP supply currently circulates. A major unlock scheduled for July 12, 2026, will make 41% of the locked supply tradable. Founders and early investors acquired tokens at negligible cost.

On-chain data from March showed a team-linked wallet transferring 1.75 billion PUMP to Bitget, reinforcing sell-off concerns.

Meanwhile, cumulative protocol revenue has surpassed $1 billion according to DefiLlama, yet none of it has translated into sustained token appreciation.

Whether the buyback program represents genuine value return or a liquidity exit ramp for insiders will depend on what happens when those locked tokens hit the open market this summer.

The post Pump.fun $350 Million PUMP Buybacks Fail To Lift Token Price appeared first on BeInCrypto.

Source: https://beincrypto.com/pump-fun-350m-buyback-pump-token/

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