Overview
- Pump.fun, which burned about $370 million in PUMP on Tuesday, removed roughly 36% of the circulating supply across two on-chain transactions.
- A new one-year plan will spend 50% of net revenue to automatically buy PUMP on the open market and burn it.
- The platform is shifting from nine months of using 100% of revenue for buybacks to keeping the other half for operations, hiring, marketing, acquisitions, and new products.
- The token jumped more than 10% after the news before settling near $0.00184 for a roughly 3% daily gain.
- The company, a Solana-based launchpad for new coins, says it has handled hundreds of billions in volume and surpassed $1 billion in revenue since January 2024.