According to Ember CN, the SOL used for the buyback originated from the platform’s fee wallets, which totaled 187,770 SOL, valued at $30.59 million. After the buyback, Pump.fun still holds 69,420 SOL, worth $11.48 million, leaving room for further buybacks in the future.
Instead, the platform now opts to use those funds for token buybacks.
Remarkably, the token is also among the top 20 digital assets by trading volume in the last 24 hours.
Despite the impressive performance of the token, market concerns about its long-term value have begun to emerge.
The report pointed out that PUMP offers no governance rights, profit-sharing mechanisms, or fee returns, meaning its value primarily depends on brand hype, an unreliable driver for long-term token performance.
According to the firm:
“The token lacks real utility or governance rights, and fear the launch is more of a liquidity exit than a long-term plan. The team’s history of selling platform fees instead of supporting the community has only deepened concerns.”
Moreover, BitMart noted that Pump.fun’s dominance is being challenged by emerging platforms such as letsbonk.fun.
While BitMart conceded that the BONK token also avoids offering governance or ownership, the firm noted that rival token models include built-in liquidity and deflationary mechanisms, which create market depth and price support.
Considering this, the research firm concluded:
“The future of PUMP depends on whether the team can build a stronger token value and regain market trust after the initial pressure.”
