A $31M Buyback Isn’t Stopping the Pump Token’s Price Correction as It Slides13%

The Pump.fun (PUMP) token has dropped over 13% in the last 24 hours amid heavy selling pressure This decline comes despite the platform recently initiating a massive $31.3 million token buyback program While the price is down, daily trading volume has surged by 24%, showing high market activity The price of PUMP, the native token of Solana-based memecoin platform Pump.fun, fell 13.57% over the past 24 hours to trade at $0.003727. The decline saw the token move from a high above $0.00444 to a local low near $0.00371, reflecting an ongoing wave of selling pressure after recent gains. Source: CoinMarketCap Despite the price downturn, trading activity for PUMP remains high. The daily volume increased by 24.77% to reach $692.38 million, while its market capitalization dropped in line with the price to $1.31 billion. The token’s volume-to-market cap ratio stands at a high 52.5%, indicating very active trading. A $31.3M buyback effort provides context This recent price fluctuation followed a spike to $0.0067 on Tuesday, a move driven by a significant buyback effort from the platform itself. The Pump.fun team transferred 187,770 SOL, equivalent to $31.3 milli… The post A $31M Buyback Isn’t Stopping the Pump Token’s Price Correction as It Slides13% appeared first on Coin Edition .

Source: Coin Edition