Pump Coin Price Surges 17% Amid Buyback Program Momentum

The Pump Coin price surged by 17% to $0.00519 over the past 24 hours, marking a significant gain in the wider crypto market that fell 1.37%. This rally is particularly notable given the overall decline.

The platform's buyback program appears to be supporting PUMP, with roughly half its revenue used for purchasing tokens and permanently burning them. A recent $1.14 million purchase on September 27 followed a previous day's $1.46 million, bringing the total spent on buybacks to over $463 million and removing more than 168 billion tokens from circulation.

The SEC's staff guidance issued on September 25 addressed buyback announcements involving non-security tokens on functional networks, stating that such announcements alone do not necessarily promise essential managerial efforts under securities law. This guidance neither classifies PUMP nor grants Pump.fun a legal exemption and has no binding force.