Solana purchase worth $19.5 million carried out by Pump.fun during token's price drop
In the ever-evolving world of cryptocurrencies, several significant events have recently taken place.
Firstly, President Trump announced his nominee for the Federal Reserve Chair, a decision that has sparked anticipation in financial circles. Meanwhile, the Federal Reserve has initiated a rate cut cycle, fuelling market volatility and causing ripples across various asset classes.
In a separate development, Pump.fun, a well-known meme coin, executed a substantial buyback of 3.07 billion PUMP tokens between July 12-16, 2025. The buyback wallet, considered pivotal in the event, acquired the tokens for a total value of $19.5 million. This buyback, a notable event in the meme coin arena, has led to a significant swing in the PUMP market and other Solana-based meme tokens.
The buyback has been described as a scenario of "whale-driven price cycling," with the value of the acquired tokens now standing at $8.2 million. The event caused a surge in the trading volume of Solana on Upbit, with a 24-hour trading volume of $20.95 billion.
Interestingly, the buyback also had an impact on the prices of Bitcoin and gold ETFs, leading to rare synchronous outflows. Riley Serkin, an Institutional Research Analyst, discussed the consequences of these Pump.fun purchases, highlighting their implications for the broader crypto market.
It's worth noting that Solana's price has changed by 5.33% within 24 hours and has surged by 31.17% over the last 30 days, reflecting the market's response to these events. With these developments, the crypto space continues to evolve, offering a dynamic and intriguing landscape for investors and enthusiasts alike.
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