The memecoin sector is far from its peak, but increased activity is driving attention back to PUMP.
Solana-based memecoin launchpad pumpfun’s PUMP token is one of today’s top gainers, surging 15% over the last 24 hours as the crypto market bounces and memecoin activity begins to pick up.
While pumpfun’s trading volume is down almost 80% from its peak, “the trenches” have had some relief of late following the success of the WHITEWHALE token, another round of AI tokens led by the now-rugged GAS, and, as of this weekend, the PENGUIN memecoin.
The memecoin sector’s recent revitalization has sparked renewed investor interest in PUMP, as the protocol allocates 100% of its revenue to token buybacks.
Fueled by the increase in trading volumes, Pumpfun purchased almost $2 million worth of PUMP on Jan. 26, which marked the protocol’s highest daily revenue since September.
Today’s 15% rally sends PUMP back to a $3 billion fully diluted valuation, its highest price since early December. However, it is worth noting that PUMP is still trading 25% below its initial coin offering (ICO) price of $4 billion.