Pumpfun的泵代币：回购，还清还是只是热空气？

Pump.Fun积极的代币回购策略正在引起海浪。这是通往恢复和主导地位的可持续途径，还是仅仅是在纪念性波动中的临时修复？

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?

总部位于Solana的Launchpad Pump.Fun一直以其积极的泵代币回购策略转向负责人。但是，这是通往恢复和持续增长的真正途径，还是在不可预测的Memecoins世界中的锅中闪烁？

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

pump.fun的积极回购策略：深入潜水

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月发起了积极的回购策略，不久之后，Pump的最初硬币提供了13.2亿美元。该项目花费了约9450万美元回购自己的泵代币，现在拥有大约6.582％的循环供应供应。

The Buyback Effect: Price Recovery and Market Sentiment

回购效果：价格回收和市场情绪

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.

这些回购是由平台费资助的，无可否认为最近的泵恢复做出了贡献。例如，代币在同一天泵达到高点。Fun最新购买了2.538亿泵。该策略减少了循环供应，并产生了向上的价格压力。 9月14日，代币达到了新的高点，为0.0088美元。

Revenue and the 'Project Ascend' Update

收入和“项目上升”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在一天中获得了约312万美元的协议收入，超过了超级流动。 “项目上升”更新基于代币市值引入了动态费用，可能会发挥作用。此更新鼓励创建者建立可持续的代币，而较小的项目则支付更高的费用，随着成长的增长而减少。

Is It Sustainable? The Million-Dollar Question

是可持续的吗？百万美元的问题

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.

而回购和更新则描绘了积极的画面，但怀疑者徘徊。链上分析表明，早期持有人将大量泵降至ICO价格以下。另外，ICO参与者仍然拥有大部分供应。该模型的可持续性取决于pump.fun是否可以维持其收入来源并吸引长期持有人，或者只是骑马浪潮。

The Memecoin Factor and Solana's Advantage

Memecoin因素和Solana的优势

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.

诸如pump.fun之类的Memecoin Launchpad可以胜过全面的Defi平台的事实突出了Crypto中社区驱动的叙事的力量。 Solana的低交易成本和高吞吐量使Pump.fun可以按摩擦较低的摩擦来扩展令牌发布和交易，从而使其对Memecoin爱好者有吸引力。

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

判决：谨慎行事（也许还有一粒盐）

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的积极回购策略无疑将生命注入了泵令牌。该平台的创新费用结构和Solana的效率使其具有竞争优势。然而，纪念因素的固有波动和大型早期持有人的存在值得谨慎。这是一次疯狂的旅程，所以搭扣，不要打赌农场！