$PUMP Soars 24% on Buyback Frenzy – But Can Its Massive Treasury Prevent Another Crash?

$PUMP soared 24% as its controversial buyback strategy sparked a trading frenzy. Despite this, skeptics question whether the memecoin factory’s nine-figure treasury can sustain this rebound.

The Solana-based platform’s aggressive token repurchases and new trading rewards seek to reverse its post-ICO slump, with PUMP/USDT now breaking a double bottom at $0.00310.

Yet order flow data reveals lingering selling pressure beneath the surface.

$PUMP trades below its ICO price, at $3.6B.

Weekly generated fees are also trending down, yet remain at a respectable $10.2M.

Pump smartly launched their DEX, which generates about 50% of all fees.

From the total 0.3% swap fee, 0.05% goes to the team and 25% of that for $PUMP… pic.twitter.com/0ALKEuF7sb

Pump.fun is widely known as the Solana-based memecoin launchpad that lets anyone create and trade tokens instantly via bonding curves and its built-in AMM, PumpSwap. It gamifies token issuance and discovery.

The public sale of its native token ($PUMP) lived up to the hype. $PUMP’s ICO offered 150 billion tokens at $0.004 each, raising about $500 million in just 12 minutes, making it one of the fastest crypto fundraises of mid-2025.

Pumpfun (@pumpdotfun) has sold out its ICO in 12 minutes, raising $500 million.

The public sale offered 125 billion $PUMP tokens at $0.004 each, representing 12.5% of the platform’s total 1 trillion token supply. pic.twitter.com/BpHIcu1fh8

The ICO was supported via multiple centralized exchange channels, and $PUMP quickly became available for trading on major venues including Kraken, KuCoin, Bybit, Bitget, Gate, MEXC, and OKX, lending immediate liquidity and visibility to the listing.

Initial secondary-market enthusiasm pushed PUMP above $0.0068, but the rally quickly reversed amid heavy selling pressure and growing distrust. Whales moved over $160 million worth of tokens to centralized exchanges, triggering heavy sell-offs and sharp price declines.

In addition to the sell-off, a promised public airdrop was delayed, with the team’s ambiguous communication prompting panic selling.

This was strong enough to push the platform into aggressive defensive tactics. Pump.fun began using virtually all daily fees to buy back $PUMP, including a repurchase of 111,953 SOL (around $18.3 million) in mid-July that produced short-lived price bumps but also raised concerns over sustainability and effectiveness.

To rekindle activity, Pump.fun partnered with OKX to launch a “Trade & Earn” pool, offering additional PUMP rewards for trading, designed to reignite volume amid cooling momentum.

#NewListing$PUMP/USDT @pumpdotfun Spot trading is LIVE on #OKX!

Trade now https://t.co/VW4u8zU4YT pic.twitter.com/s0zwyCeRaJ

Despite the turbulence, the project’s historical financial accumulation remains substantial. On-chain analytics showed Pump.fun has earned roughly 2,016,391 SOL (about $398 million) in revenue, a sizable treasury that some market participants view as optionality for stabilization or future initiatives.

This financial backdrop sets the stage for $PUMP’s technical breakout. The PUMP/USDT has recently completed a classic double bottom formation, with bulls successfully pushing the price above the key $0.00310 neckline. The question now becomes whether this bullish structure can translate into sustained upward momentum.

The price pattern, evident on the 1-hour chart, carried through with a clean retest of the neckline and a short consolidation above it. However, what happens next depends less on the shape of the chart and more on the intensity of the asset’s volume and order flow now surfacing at this inflection point.

The structure leading into this breakout was defined by persistent accumulation and higher lows, culminating in a breakout move with a moderate spike in volume.

The double bottom itself carries theoretical implications for a target near $0.00360 if the breakout holds.

Volume footprint data shows a mixed picture beneath the surface. Early in the session, delta was sharply negative, particularly during the drop around 09:30 UTC, where net delta reached –773M despite over 4.5B in total volume.

The move could be seen as a liquidation wash or heavy profit-taking. Either way, it didn’t break the market structure. What came next was a recovery, with strong buying interest seen in large positive delta prints above 0.00310.

Between 11:30 and 12:30 UTC, order flow looked more balanced. A key delta spike of +112 million into 0.00314 helped stabilize the price. Still, the latest 30-minute bar showed a net negative delta of –199 million, even though the price stayed steady. This may point to hidden selling or signs that buyers are starting to absorb sell pressure.

Notwithstanding, the 0.00310 to 0.00312 zone now acts as key support. If buyers can’t defend it, the move may fall apart and drop toward 0.00295, where earlier support sits just below the pattern’s right shoulder.

The setup still looks solid, but bulls now need to push higher above the neckline. Without that follow-through, the pattern weakens, and bears could regain control.

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