What is Pump.fun (PUMP)?
Pump.fun (PUMP) is the native token of Pump.fun, a Solana-based platform where anyone can launch and trade memecoins without writing code. According to the project's announcements, the Pump.fun platform went live on Solana in January 2024.
The PUMP token was first distributed through a public sale in July 2025, according to the project's announcements. The PUMP public sale drew a large amount of capital in a short time and was widely covered by crypto media at the time.
How does Pump.fun work?
Tokens launched on Pump.fun are priced along a bonding curve, so the price rises automatically as more people buy. Once a Pump.fun token meets certain thresholds and graduates, it migrates to a decentralized exchange where liquidity is provided.
Pump.fun later introduced its own decentralized exchange, PumpSwap, and a trading tool called Terminal, so that launching and trading can happen within one ecosystem. Pump.fun earns revenue mainly from trading fees across the bonding curve, PumpSwap and Terminal.
What is the PUMP supply and buyback policy?
PUMP has a total supply of one trillion tokens according to the project's documentation, allocated across the public sale, the team, the ecosystem and other groups. Portions of PUMP held by the team and investors are subject to lockup and vesting schedules.
Pump.fun has used platform revenue to buy PUMP back from the market since July 2025. According to CoinDesk, in April 2026 Pump.fun burned all the PUMP it had repurchased, equal to roughly 36% of circulating supply at the time, and switched to a 12-month program that automatically routes 50% of net revenue into buying and burning PUMP.
With the April 2026 change, Pump.fun said the remaining net revenue would fund product development, hiring, marketing and potential acquisitions, moving away from its earlier policy of directing all revenue to buybacks.
What are the risks of Pump.fun (PUMP)?
Pump.fun (PUMP) is often associated with easy token creation, high platform usage and a revenue-linked buyback and burn model. Pump.fun is widely seen as the platform that shaped memecoin launch culture on Solana.
Critics note that many tokens launched on Pump.fun are speculative and short-lived, and Pump.fun has faced lawsuits and regulatory scrutiny. The platform revenue behind PUMP buybacks may also depend heavily on overall memecoin market activity.
