The latest actions by the Pump project team have attracted attention: they just completed a $1M token buyback, bringing the total buyback amount to $57M. What is the core significance of this move? It directly reduces the circulating supply. Past buyback records indicate that the project team has been consistently implementing a token burn strategy. When the supply tightens and market liquidity is relatively pressured, such operations usually support the price. From on-chain data, large-scale buybacks often signal the project team's attitude towards the subsequent market—either a sign of undervaluation or a prelude to a new phase of ecosystem development. Regardless of the interpretation, the supply pattern of $PUMP is being reshaped.