According to Onchain data, it is possible that the popular Solana-based token launching platform PumpFun has made the first repurchase of the token pump.
According to data from Dumpster DAO, the project completed a repurchase of about $2.3 million in tokens in just 20 minutes. The transaction was funded by a wallet from Pump.Fun, which consists of transaction fees.
The pump token, released yesterday, quickly gained popularity after a $600 million initial recruitment (ICO) held over the weekend and sold out in just 12 minutes. According to Coingecko, the tokens have rapidly risen to the top 65 cryptocurrencies due to market capitalization, and are currently ranked 63rd. This value exceeds the market capitalization of the US President Donald Trump’s official memocoin, Trump and Sam Altman’s rebranded World Coin Project.
Nevertheless, Pump is behind rival Bonk in the market capitalised Solana ecosystem. The two projects are in fierce competition in the Solana launch platform market.
Tokens are relatively stable throughout the first day of a transaction, varying between $0.0049 and $0.0061. The price is currently around $0.0055. At its peak, the pumps rose 65% from ICO prices.
Following these developments, 21.6% of ICO participants sold tokens in decentralized exchanges, while 43.4% transferred tokens from their wallets to other wallets, according to Dune Data.
*This is not investment advice.
