Pump.fun has burned 128.22B $PUMP tokens — worth $233M — and buybacks are still live.

Pump.fun has destroyed 128.22 billion PUMP tokens on-chain, equivalent to roughly $233 million at current prices, with active buyback-and-burn operations continuing at the time of writing. The scale of the burn puts meaningful deflationary pressure on circulating supply, a dynamic that tends to attract attention from holders watching token economics closely.

Ongoing buybacks suggest the protocol is recycling revenue or reserves into the burn mechanism rather than treating this as a one-off event. How sustained the pace proves to be will determine whether the supply reduction translates into lasting price support.