The memecoins niche has more than doubled in value in the last 30 days.

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On Wednesday (23), Alon Cohen, co-founder of PUMP, confirmed that the project will indeed distribute more tokens, but “this won’t happen in the immediate future.” Investors responded strongly, resulting in a 15% decline in the PUMP token.

PUMP raised approximately $600 million in minutes during its highly anticipated ICO, but many investors are in the red this week. This is because PUMP has fallen to $0.002899, about 49% below its listing price on July 12. The negative reaction comes at a time when the value of the memecoin market is finally rising amid investor enthusiasm.

The niche has more than doubled in the past 30 days to just under $76 billion, which is still 45% below its January peak, according to CoinMarketCap.