Panic is building as PumpFun scrambles to stabilize PUMP’s price by buying back the token. The project, built on Solana, recently sent $5.6 million in SOL to a new wallet to execute strategic buybacks.
According to Arkham, this wallet has already spent $6.68 million on PUMP tokens. Out of that, $5.72 million has moved to a Squads Vault. These moves aim to counter intense selling pressure from early investors.
On August 8, Onchain Lens flagged a single wallet dumping 1.11 billion PUMP tokens worth $3.79 million. That trade alone netted a $362,000 profit. Moreover, presale holders have sold nearly 60% of their tokens since July.
After a sharp 23.9% jump in PUMP’s price over the week, many investors are cashing in on their profits. The token’s low turnover ratio of 0.25 indicates that liquidity is lacking, which means the market is quite sensitive to larger trades.
Glass Full Foundation Steps In
To enhance support for the ecosystem, PumpFun launched the Glass Full Foundation (GFF) today. This new initiative is designed to increase liquidity for community-driven meme coins. So far, GFF has invested $1.69 million across 10 different tokens.
Leading the way are TOKABU and HOUSE, which together account for over 40% of the total fund. Additionally, there’s still $350,000 sitting in five wallets, ready for future purchases.
However, PumpFun has not revealed how projects are selected or where funding comes from. Despite that, GFF positions itself as a catalyst for growth within the Solana ecosystem.
The foundation is making its entrance just as the rival launchpad LetsBonk.fun starts to pick up momentum. With the support of the Bonk community, LetsBonk is teaming up with Raydium, ramping up the competition.
As of writing, the PUMP token traded at $0.0034, down 28% in the past seven days. Its trading volume remains high at $300 million.
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