Pump.fun has now been running 100% revenue buybacks for four straight months.

That's $193 million USD worth of $PUMP repurchased – an average of $1.4M every single day – all from platform fees alone.

And the price? Still ranging, still bleeding when the market bleeds, still nowhere near the highs.

@ashen_one said what half of CT is thinking:

"lowkey buybacks are cooked

if PF buying back $200M of their token (1/3 of their $600M raise) doesn’t help their price then nothing will"

He's not wrong.

When the biggest meme coin launchpad in the game throws almost two hundred million dollars at its own token and the chart barely flinches, the market is sending a very clear message: massive buybacks alone don't move price anymore.

The replies came in fast and brutal:

• "buybacks are just a bandaid for deeper issues"
• "that $200M coulda been pure builder fuel"
• "fix demand first: real utility, staking, burns"
• "crazy how nothing saves price action anymore"

Even the most aggressive buyback program in Solana history can't fight the combination of unlocked supply, profit-taking, and a market that now yawns at "revenue share" mechanics.

This isn't just a Pump.fun problem. It's a meta shift.

Projects that raised $300M–$1B+ in the last cycle are all trying the same playbook: collect huge revenue → buy back & burn/make it rain → price goes up forever.

But when the richest players in the space prove that even $1.4M daily buys don't create a floor, the cope runs out.

Maybe the real alpha was the Avicii approach all along – bootstrap, stay lean, tell VCs to kick rocks, and let the community actually own the upside instead of promising it while quietly distributing.

Pump.fun is still printing money like crazy and will probably keep buying forever. They're rich as hell either way.

But for everyone else building the next launchpad, fair launch meme, or "revenue share" protocol – this chart is your warning.

Buybacks are no longer a cheat code.

They're table stakes.

And sometimes, they're just expensive cope.