Latest actions from the Pump project team have drawn attention: they just completed a $1M token buyback, with cumulative buyback scale reaching $57M. What is the core significance of this operation? It directly reduces the circulating supply. Historical buyback records show that the project team is continuously executing a token burning strategy. When supply tightens and market liquidity faces relative pressure, such operations typically provide price support. From on-chain data, large-scale buybacks often signal the project team's stance on subsequent market trends — either a signal of undervaluation, or a prelude to the ecosystem entering a new stage. Regardless of the interpretation, the supply landscape of $PUMP is being reshaped.