PUMP Plummets While BONK Rallies on New Buyback Mechanism

Meanwhile, BONK, the Solana memecoin associated with the LetsBonk memecoin launchpad, is relatively flat on the week but has surged 145% over the last month. The platform unveiled a new buyback mechanism on July 23, which reallocates 1% of LetsBonks revenue from its marketing budget to purchasing the top tokens in the Bonk ecosystem, such as USELESS.

PUMP, which has struggled over the last week, was pushed down further after its founder, Alon Cohen, said on a livestream podcast that “the [PUMP] airdrop is not going to be taking place in the immediate future.”

LAUNCHCOIN, on the other hand, has struggled to reclaim the attention it garnered earlier this year, and the latest selloff occurred after founder Ben Pasternak announced that he would personally buy back leading tokens in the Believe ecosystem.

However, users quickly soured on the announcement after realizing Pasternak had only added $100,000 to the buyback wallet, going on to buy just 10 SOL ($1,900) of LAUNCHCOIN. It is worth noting that more funds have been added since, and the wallet now holds roughly $145,000 worth of tokens.

This move comes after months of the team teasing a “buyback flywheel” that has not materialized, and after an extremely profitable first half of the year for Believe, which has generated more than $30 million in revenue since its launch, according to DeFiLlama.