PUMP (Pump.fun) fell 8.65% in the last 24 hours.

Gate News Bot news, on November 21, according to CoinMarketCap data, PUMP (Pump.fun) is currently reported at 0.00290955 USD, down 8.65% within 24 hours, with a high of 0.00368411 USD and a low of 0.00277408 USD. The 24-hour volume reached 236 million USD. The current market capitalization is approximately 1.03 billion USD, a decrease of 97.4739 million USD compared to yesterday. PUMP is currently ranked 62nd in the global Crypto Assets market capitalization.

Important news about PUMP recently:

1️⃣ “Mayhem mode” effects did not meet expectations Pump.fun's “Mayhem Mode” launched last week did not significantly drive platform growth. In the week following the mode's launch, the platform's daily average new coin issuance only increased by less than 3%, from 17,300 coins to 17,800 coins. Although AI trading agents were introduced to enhance early trading activity of the tokens, it failed to drive revenue growth, and the platform's income instead declined, weakening the buyback support for the PUMP token.

2️⃣ The ineffective execution of the buyback plan affects market confidence Despite PumpFun having repurchased 11% of the circulating supply of PUMP tokens since its self-initiated buyback, with an annual buyback scale expected to reach $400 million to $500 million, the execution of the recent buyback plan has not been satisfactory. On November 17, PumpFun generated $850,000 in revenue, but did not execute any token buybacks that day, which deviates from the previously promised continuous buyback plan and may affect market confidence in the project's commitments.

3️⃣ Market capitalization is below expectations, reflecting insufficient investor confidence The current price of PUMP is still below its public offering price of $0.004, and the market is still in a “speculative discount” phase for this asset. This indicates that despite the project team's measures such as buybacks, investors still have insufficient recognition of PUMP's long-term value, reflecting concerns in the market about the project's actual execution capability and future development prospects.

The continuous decline in the PUMP price reflects the market's doubts about the project's actual execution capability and long-term development prospects. Although the project team has launched new features like the Mayhem mode to increase trading activity, it seems to have failed to effectively boost market confidence in the short term. Investors need to closely monitor the actual implementation of the project's buyback plan and the market response to new features in order to assess the long-term investment value of PUMP.

This message is not intended as investment advice, and investors should be aware of market volatility risks.