One of the biggest risks facing PUMP is an upcoming token unlock scheduled for July 2026, which will release a large portion of previously locked supply into the market. Currently, only about 59% of the total supply is circulating, meaning a significant influx of tokens could soon increase selling pressure.

Despite generating over $1 billion in protocol revenue, the token has struggled to reflect that success in its price. The upcoming unlock will be a key test: if demand cannot absorb the new supply, further price declines could follow. This moment may ultimately determine whether the project’s buyback strategy supports long-term value—or simply delays deeper structural issues.