After its $600 million ICO last month, the Solana memecoin launchpad has spent over $30 million in revenue repurchasing its PUMP token.
The platform's resurgence can be attributed to the renewed momentum of its native token, PUMP, one analyst said.
The buybacks will happen once a week, according to the founder of the memecoin launchpad which has recently unseated Pump.fun in volume.
Onchain data shows Pump.fun is using fee income to buy back PUMP tokens in what may be part of a revenue sharing program.