Pump.fun (PUMP) Jumps 11% and Becomes Biggest Crypto Gainer Today
PUMP has posted a strong 24-hour gain of over 11%, climbing to around $0.00302 with a market cap of roughly $1.06 billion.
Trading volume has also been robust, reaching nearly $400 million, a sign that speculation in Solana’s memecoin sector remains alive and well.
The move comes after weeks of selling pressure that saw the token drop more than 50% in the past month. Now, a combination of aggressive buybacks, technical relief, and broader market speculation appears to be fueling a rebound.
Buyback Program Fuels Supply Squeeze
One of the key drivers of PUMP’s resurgence is its buyback initiative. Between July 16 and 30, Pump.fun spent 118,351 SOL—worth about $19.26 million—buying up nearly 3 billion PUMP tokens to remove them from circulation. This campaign escalated on July 31, when the platform committed 98% of its daily revenue to ongoing buybacks, triggering a 27% rally in a single day.
While the pace of purchases has slowed in early August, the reduced circulating supply from last month’s buying spree is still influencing the market, helping to create the conditions for the latest bounce.
Oversold Market Triggers Technical Rebound
The rally also comes after PUMP entered oversold territory. Its seven-day Relative Strength Index (RSI) recently climbed from 28 to 33.15, signaling a shift in momentum from sellers to buyers. On the price chart, the token moved above its seven-day exponential moving average—now around $0.00276—turning it into a short-term support level.
With key liquidation levels sitting just below $0.0028, buyers had more incentive to step in, creating an asymmetric opportunity for a quick recovery.
Speculation in Solana’s Memecoin Ecosystem
PUMP’s gains are also tied to ongoing activity in the Solana ecosystem. July saw an impressive 18 million new tokens minted on the network, according to Cryptoslate, sparking higher platform fee expectations and renewed interest in token launch platforms.
Even though PUMP has lost ground to rival LetsBONK.fun, which now holds an estimated 78% market share, the broader altcoin market has been rotating into smaller-cap tokens. CoinMarketCap’s Altcoin Season Index has jumped nearly 70% in the last 30 days, suggesting a speculative cycle is in full swing.
Outlook
With around 354 billion PUMP tokens currently in circulation, the question now is whether the platform can maintain buyback momentum strong enough to keep demand elevated. Competitive pressure from dominant rivals remains a challenge, but as long as Solana’s tokenization trend continues and technical conditions remain favorable, PUMP could see further bursts of volatility—both up and down—in the weeks ahead.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
