Pump.fun Token Price Sees 10% Surge Amid Buyback Plan and Rising Volume

Pump.fun's protocol revenue allocation has helped boost its token price by 10% in the last 24 hours, with trading volume almost doubling to $412.78 million.

The token's continuous buyback and burn plan, which has allocated 54% of its revenues since inception, has removed around $3.55 million worth of PUMP tokens from circulation.

This deflationary mechanism has sparked hopes that the price could break above the $0.0055 resistance level, a barrier it has failed to clear twice before.

The recent price surge was accompanied by an increase in long positions, with 58% of open trades being bullish, indicating greater market participation and a stronger foundation for a recovery.