As the largest token issuance platform in the Solana ecosystem, Pump.fun's recent major moves have attracted market attention. On January 17, the platform launched a large-scale buyback again, spending 8,751 SOL (approximately $1.267 million), and repurchased 431.3 million PUMP tokens in one go.

This is not a spur-of-the-moment decision. Since the buyback program started on July 15 of last year, Pump.fun has invested approximately $250 million in buybacks. How significant is this effort? Just look at the results — in just half a year, the circulating supply of PUMP has shrunk by 19.449%. This is no longer just simple financing buybacks; it’s truly implementing deflation.

Even more interesting is the platform’s fee model adjustment. Starting from January 2026, Pump.fun will allocate 100% of its net revenue to buy back PUMP, a move directly inspired by Hyperliquid’s approach. Although the daily new token issuance has decreased from a peak of 31,000 to about 30,000, the platform’s protocol revenue remains strong, currently maintaining a daily buyback volume of $1 million.

Market response to this combination of measures has been quite positive. On January 17, when $148 million in stablecoins was dumped onto exchanges, PUMP successfully absorbed the selling pressure, indicating market confidence in the platform’s deflationary control capabilities. As of January 18, PUMP is priced at approximately $0.0027, with a market cap of about $1.6 billion, ranking 70th on CoinGecko.