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PUMP started its token buyback program in mid-July, when the price was still hovering around $0.00634. Now, nearly half a year has passed, and the project team has投入125.2 million SOL, equivalent to approximately $220 million, which is quite aggressive in the entire market.
The problem is, the price hasn't rebounded because of this buyback wave; instead, it has fallen to around $0.0017. From the issuance price, this is no longer just a matter of breaking the peg.
Careful analysis shows that the core issue is the massive unlocking pressure. Currently, PUMP's circulating supply has reached 59%, and large unlocks will continue until the end of 2027. This means that the selling pressure will not disappear in the short term. However, after thorough correction in the bear market, when the next bull cycle arrives, PUMP is still worth paying attention to.
As for how to get involved? My suggestion is to wait a bit longer. Wait until the price drops another zero, then the value proposition will truly be revealed.