Hyperstition #48 — July 16, 2025
Pump.fun initiates PUMP buybacks as Let's BONK PvP intensifies.
Pump.fun buys back $19M+ in PUMP as Let’s Bonk rivalry intensifies
PUMP token trades at $6.5B FDV following 12-minute $500M sale
Pump.fun trails Let’s Bonk in new token launches and volume
Grok-themed coins and PUMP meta drive fresh activity on both platforms
Pump.fun has started buying-back its native token, deploying more than $19 million in protocol fees to accumulate Pump (PUMP), on-chain data shows.
The Solana-based launchpad has not publicly commented on the repurchases or announced a formal buyback program. However, the activity appears to confirm reports that Pump.fun intends to allocate a portion of protocol revenue to buybacks.
On July 9, sources told Blockworks Pump.fun plans to allocate 25% of protocol revenue to ongoing buybacks, echoing Hyperliquid’s massively-successful tokenomics model.
The price of PUMP has risen after the repurchases. As of July 16, the coin trades at a fully diluted valuation (FDV) of approximately $6.5 billion. Pump.fun closed its $500 million initial coin offering (ICO) on July 12 at a $4 billion FDV.
Pump.fun has transferred a total of more than $30 million in SOL to a designated buyback wallet, kippahstayson.sol, according to blockchain analytics firm Lookonchain.
The wallet has spent $19.26 million thus far, accumulating nearly 3 billion PUMP tokens at market, Lookonchainsaid.
Eroding market share
While PUMP has gained traction following its debut, rival Let’s Bonk remains the leading Solana-based memecoin launchpad by activity and volume after flipping Pump.fun in early July.
On July 15, Let’s BONK hosted 52% of new token launches compared to Pump.fun’s 38%, according to data from Dune Analytics. Let’s BONK also captured 60% of total trading volume, versus 40% for Pump.fun.
The upstart launchpad’s momentum has been aided by the successful launch of two AI-themed memecoins.
Let’s Bonk’s recent momentum has been driven in part by the launch of two AI-themed tokens: Ani Grok Companion (ANI) and rudi (rudi). As of July 16, they trade at market caps of roughly $45 million and $4 million, respectively.
Both tokens were launched in response to X’s rollout of new Grok chatbot characters, the “pornographic” Ani and Rudi, an “anti-religious panda.”
Pump.fun-themed memecoins
The Pump.fun buybacks are also sparking a new wave of satirical memecoins.
KIPPAHSTAYSON (KIPPAH), referencing the eponymous Pump.fun buyback wallet, launched July 15 and briefly reached an $8 million market cap. It is now trading around $3 million.
Giant PUMP (泵), launched July 13, rose from $1 million to nearly $16 million before settling at $7 million.
Jew Mode (JEWMODE), launched July 15, peaked at $1.5 million before retracing below $200,000.
Post-ICO roadmap
Pump.fun plans to invest a portion of its ICO proceeds — totaling more than $1 billion — into platform infrastructure, including mobile interface upgrades, livestreaming features, and creator onboarding efforts.
The team has reserved 3% of total token supply—worth roughly $120 million—for creator incentives and content.
An additional 24% of supply has been set aside for “community and ecosystem initiatives,” including an anticipated airdrop. While timing and eligibility remain unclear, wallet activity and on-chain behavior are expected to influence distribution.
Team and investor tokens—accounting for 33% of total supply—are locked for one year, followed by a four-year linear vesting schedule.