Meme News: Pump.fun Burns $370M in PUMP, Launches ‘Charity Coins’ as Memes Rebound

Meme coins bounced modestly this week arsenic traders edged backmost into riskier tokens and Pump.fun rolled retired a caller batch of large updates to its launchpad.

The sector’s full marketplace capitalization roseate astir 5% week-over-week (WoW), according to CoinMarketCap data, arsenic Dogecoin money inflows helped revive involvement successful memes contempt larger tokens remaining nether pressure.

Meanwhile, Pump.fun, the largest token launchpad by trading volume, unveiled a bid of changes aimed astatine supporting the terms of its PUMP token and drafting caller users backmost into the meme coin market.

Memes Return to the Spotlight

Dogecoin led a broader meme rebound this week. Source: CoinMarketCap

The full meme coin marketplace capitalization roseate astir 5% this week contempt the broader crypto marketplace losing steam, with the sector’s wide marketplace headdress slipping astir 2% WoW, according to CoinMarketCap data.

Dogecoin (DOGE) led the rebound, climbing much than 10% connected the week and adding implicit $1 cardinal successful marketplace value.

Pudgy Penguins (PENGU) besides helped assistance the sector, rising much than 13% WoW to supra $600 million, the information shows.

The determination came arsenic capitalist involvement successful Dogecoin exchange-traded funds (ETFs) began to recover, with the products signaling their archetypal affirmative nett inflows successful 2 weeks, according to BSCNews.

Pump.fun Turns to Burns

Pump.fun burned $370 cardinal worthy of PUMP this week. Source: X/Pump.fun

Pump.fun moved to enactment up assurance successful its PUMP token this week, announcing that it has burned astir $370 cardinal worthy of tokens and volition nonstop fractional of aboriginal nett gross to a caller buyback-and-burn program.

The Solana-based launchpad said the burned tokens accounted for astir 36% of PUMP’s circulating supply. Under the caller plan, 50% of the platform’s nett gross volition beryllium utilized for 1 twelvemonth to bargain backmost PUMP connected the unfastened market.

PUMP presently trades astatine a marketplace capitalization of astir $630 million, down astir 80% from highs supra $3 cardinal successful September, according to CoinMarketCap data.

The launchpad framed the determination arsenic an effort to code doubts astir the token’s semipermanent worth and the certainty of anterior buyback commitments.

The plan, however, drew pushback from immoderate users, who argued that Pump.fun inactive has not delivered connected an airdrop for progressive users that it had antecedently discussed. The launchpad has reportedly generated astir $150 cardinal successful gross truthful acold this year.

Speaking connected the “Unchained” podcast connected April 29, Pudgy Penguins CEO Luca Netz said the strategy fell abbreviated due to the fact that Pump.fun “mentioned [it] was going to airdrop and ne'er did.”

Instead, Pump has “creat[ed] a caller thought but [still hasn’t] fulfilled the archetypal one,” Netz said.