🖇️ Pumpfun Replied To Pumpfun

Why we burned $370M worth of $PUMP tokens

Over the past ~9 months, despite being one of the biggest revenue generating platforms in crypto and allocating 100% of revenue to buybacks, we believe there was a lack of trust - in the longevity of the business, the certainty of buybacks, and what the bought-back tokens would be used for.

Today, uncertainty is being addressed head-on by taking a community-first approach. The initial step involves burning ~$370M worth of $PUMP tokens, around ~36% of the circulating supply, as a gesture of trust for the community.

The burn occurred today at 20:52 UTC across 2 transactions. View the burn transactions here:

https://solscan.io/tx/5yc86uJeUcoJrsL8g5ZUWJ733KRvNrUThkmRiQY9vzWhpLvbi5tEDauJjp7BRs1CgdCihFF8wjjnodXfAHJyu3P2

https://solscan.io/tx/3yXmFwbvspergxtwDyQYRMWkZ8i9AEYWboiadE3j52uLrcrHN7ec8zL7rnfvLzsYFf16V7YuF6kun7f3FPoAoZaK