Pump.fun has permanently burned approximately $370 million worth of PUMP tokens and initiated a 50% revenue buyback burn plan.
BlockBeats News, April 29th, Pump.fun officially announced that it has permanently burned all PUMP tokens accumulated through buyback, with a value of approximately $370 million, accounting for 36% of the current circulating supply.
Pump.fun has also launched a 1-year programmatic buyback and burn plan, which will allocate 50% of the platform's revenue to repurchase PUMP tokens on the open market and burn them immediately. The remaining 50% of the revenue will be used for team operations, product development, ecosystem building, etc., to ensure the sustainable growth of the project. Pump.fun stated that this move is aimed at rebuilding community trust, reducing the circulating supply, and increasing the long-term value of the token.
According to an exchange market data, the price of PUMP has surpassed $0.019, with a 24-hour gain of 7.1%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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