I've been analyzing the trend of $PUMP recently and noticed an interesting phenomenon — on the surface, it appears to be sideways trading, but fundamentally, it's a different story.

The data from the past 30 days really helps illustrate the point: the platform spends $1.1 million to $1.3 million USD daily on buybacks, with the buyback coverage rate fluctuating mainly between 93% and 107%. Sounds like significant effort, right? But in the context of a 3B market cap, this buyback scale doesn't really make big moves and isn't enough to cause a sudden price spike.

That said, although it can't push the price into a sharp rally, this sustained buying pressure does serve another purpose — continuously "patching" the bottom range. It's like someone keeps picking up the asset from below; every time it dips to a certain level, capital enters to support it. Over time, this repeatedly "corrects" the low points.

Therefore, the recent price pattern isn't so much a natural sideways movement as it is a dynamic equilibrium maintained by ongoing external interventions. Data doesn't lie — the money spent on buybacks is there, but the way it influences the price is different from what many might expect.