Pumpfun的泵代幣：回購，還清還是只是熱空氣？

Pump.Fun積極的代幣回購策略正在引起海浪。這是通往恢復和主導地位的可持續途徑，還是僅僅是在紀念性波動中的臨時修復？

Pump.fun, the Solana-based launchpad, has been turning heads with its aggressive PUMP token buyback strategy. But is it a genuine path to recovery and sustained growth, or just a flash in the pan in the unpredictable world of memecoins?

總部位於Solana的Launchpad Pump.Fun一直以其積極的泵代幣回購策略轉向負責人。但是，這是通往恢復和持續增長的真正途徑，還是在不可預測的Memecoins世界中的鍋中閃爍？

Pump.fun's Aggressive Buyback Strategy: A Deep Dive

pump.fun的積極回購策略：深入潛水

Pump.fun launched an aggressive buyback strategy in July, not long after $PUMP’s initial coin offering raised $1.32 billion. The project has spent around $94.5 million buying back its own PUMP tokens and now owns approximately 6.582% of the circulating supply.

Pump.Fun在7月發起了積極的回購策略，不久之後，Pump的最初硬幣提供了13.2億美元。該項目花費了約9450萬美元回購自己的泵代幣，現在擁有大約6.582％的循環供應供應。

The Buyback Effect: Price Recovery and Market Sentiment

回購效果：價格回收和市場情緒

These buybacks, funded by platform fees, have undeniably contributed to the recent PUMP recovery. For instance, the token reached a high on the same day Pump.fun made its latest purchase of 253.8 million PUMP. The strategy reduces circulating supply and creates upward price pressure. On September 14, the token reached a new all-time high at $0.0088.

這些回購是由平台費資助的，無可否認為最近的泵恢復做出了貢獻。例如，代幣在同一天泵達到高點。 Fun最新購買了2.538億泵。該策略減少了循環供應，並產生了向上的價格壓力。 9月14日，代幣達到了新的高點，為0.0088美元。

Revenue and the 'Project Ascend' Update

收入和“項目上升”更新

Pump.fun pulled in about $3.12 million in protocol revenue over a single day, surpassing Hyperliquid. The 'Project Ascend' update, which introduced dynamic fees based on token market capitalization, is likely playing a role. This update encourages creators to build sustainable tokens, with smaller projects paying higher fees that decrease as they grow.

Pump.Fun在一天中獲得了約312萬美元的協議收入，超過了超級流動。 “項目上升”更新基於代幣市值引入了動態費用，可能會發揮作用。此更新鼓勵創建者建立可持續的代幣，而較小的項目則支付更高的費用，隨著成長的增長而減少。

Is It Sustainable? The Million-Dollar Question

是可持續的嗎？百萬美元的問題

While the buybacks and updates paint a positive picture, skepticism lingers. On-chain analysis revealed that early holders dumped a significant amount of PUMP below the ICO price. Plus, ICO participants still hold a substantial portion of the supply. The sustainability of this model hinges on whether Pump.fun can maintain its revenue stream and attract long-term holders, or if it's just riding the memecoin wave.

而回購和更新則描繪了積極的畫面，但懷疑者徘徊。鏈上分析表明，早期持有人將大量泵降至ICO價格以下。另外，ICO參與者仍然擁有大部分供應。該模型的可持續性取決於pump.fun是否可以維持其收入來源並吸引長期持有人，或者只是騎馬浪潮。

The Memecoin Factor and Solana's Advantage

Memecoin因素和Solana的優勢

The fact that a memecoin launchpad like Pump.fun can outperform comprehensive DeFi platforms highlights the power of community-driven narratives in crypto. Solana's low transaction costs and high throughput enable Pump.fun to scale token launches and trading with lower friction, making it attractive for memecoin enthusiasts.

諸如pump.fun之類的Memecoin Launchpad可以勝過全面的Defi平台的事實突出了Crypto中社區驅動的敘事的力量。 Solana的低交易成本和高吞吐量使Pump.fun可以按摩擦較低的摩擦來擴展令牌發布和交易，從而使其對Memecoin愛好者有吸引力。

The Verdict: Proceed with Caution (and Maybe a Grain of Salt)

判決：謹慎行事（也許還有一粒鹽）

Pump.fun's aggressive buyback strategy has undoubtedly injected life into the PUMP token. The platform's innovative fee structure and Solana's efficiency give it a competitive edge. However, the inherent volatility of memecoins and the presence of large early holders warrant caution. It's a wild ride, so buckle up and don't bet the farm!

Fump.Fun的積極回購策略無疑將生命注入了泵令牌。該平台的創新費用結構和Solana的效率使其具有競爭優勢。然而，紀念因素的固有波動和大型早期持有人的存在值得謹慎。這是一次瘋狂的旅程，所以搭扣，不要打賭農場！