Token Market Update: PUMP Token’s Recent Performance Despite Buyback and Liquidity Efforts

PUMP Token Falls 6% as $12M Buyback and Liquidity Push Show Limited Impact

The PUMP token has fallen by a notable 6% in the past 24 hours, despite the recent buyback and liquidity push announced by Pump.fun. This limited impact on price action comes as a surprise to many within the community, who were anticipating a stronger reaction.

Data from CoinGecko shows that the PUMP token traded at $0.003364, marking an underwhelming 0.8% daily increase.

The recent move follows days of anticipation among Pump.fun users, fueled by hints from founder Alon Cohen regarding major developments. Whale activity briefly pushed the PUMP token up by 15%, but gains quickly faded, resulting in this current correction.

In other news, Pump.fun has announced the launch of the Glass Full Foundation, which aims to inject liquidity into select Solana meme coin projects within its ecosystem. The foundation will provide liquidity directly to these tokens, with the goal of improving trading activity, narrowing spreads, and stabilizing smaller Solana meme coin markets.

This program will allow projects more operational flexibility, enabling them to sustain active communities.

Meanwhile, Pump.fun has also reported a massive $12 million buyback of PUMP token. According to Arkham Intelligence, the platform purchased over $5 million worth of PUMP token, followed by an earlier purchase of almost $7 million.

A portion of these holdings is stored in a Squads Vault.

While these developments have sparked excitement within the community, they seem to have had a limited impact on short-term price action.

The 4-Hour MACD Chart indicates that downward momentum has been building over multiple sessions.

Source: coinchapter.com