- PumpFun spends millions in SOL to buy back PUMP and fight strong sell pressure from early holders.
- Glass Full Foundation launches to support meme coin liquidity with ten tokens already receiving funds.
- PUMP price drops 28% in a week while trading volume stays high at 300 million.
PumpFun is under pressure as it fights to stabilize the price of its native token, PUMP. Built on the Solana blockchain, the project recently sent 33,000 SOL—worth $5.6 million—to a new wallet. This move is aimed at executing one of its largest buybacks to date.
According to Arkham, the wallet has already spent $6.68 million purchasing PUMP tokens. Out of that amount, $5.72 million has been moved to a Squads Vault. The effort is designed to counter growing sell pressure, which has intensified over recent weeks.
On August 8, Onchain Lens flagged a major sale. A single wallet offloaded 1.11 billion PUMP tokens, worth $3.79 million. The sale brought in a profit of $362,000.
Investor Activity Raises Concerns
Since July, presale holders have sold nearly 60% of their tokens. This consistent selling has hurt market confidence. Despite a recent 23.9% price jump earlier in the week, many holders have chosen to take profits.
The current market shows a low turnover ratio of just 0.25. This signals a lack of liquidity and high sensitivity to large trades. Price swings are becoming more frequent, further shaking investor sentiment.
PumpFun is working to protect its token, but the impact of these efforts remains unclear. PUMP is trading at $0.00337. This marks a 28% drop over the last seven days. However, its trading volume remains strong at $300 million.
Glass Full Foundation Launches to Boost Liquidity
PumpFun has introduced the Glass Full Foundation (GFF) to support meme coin liquidity. This initiative aims to strengthen community-driven tokens on Solana.
So far, GFF has invested $1.69 million across ten different tokens. Two projects, TOKABU and HOUSE, account for over 40% of this total. In addition, $350,000 is currently held in five wallets for future deployment. The foundation is positioning itself as a key liquidity player in the ecosystem.
Rival Platforms Add to Competitive Pressure
Competition is heating up as LetsBonk.fun gains traction. Backed by the Bonk community, the new platform is collaborating with Raydium. This partnership aims to speed up adoption and drive new launches.
The timing of GFF’s launch aligns with LetsBonk’s growth. As both platforms expand, the fight for dominance within the Solana meme coin space continues.
PumpFun’s actions suggest urgency. Its token remains under pressure, and efforts to regain control are being closely watched.
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