Pump.fun has spent an estimated $350 million buying back its PUMP token since July 2025, removing nearly one-third of its circulating supply. On paper, this kind of aggressive buyback strategy is designed to support price and reduce supply pressure.

However, the results tell a different story. The token remains about 81% below its all-time high and is trading even below its ICO price. Despite consistent daily buybacks funded by platform revenue, the market has not responded positively—raising questions about whether buybacks alone are enough to sustain token value.