Pump.fun's PUMP token still earns about $1.6 million of revenue a day despite talk that it is dead, and that revenue should rise as on-chain activity heats up. Its daily chart shows great market structure forming, and it is back in a buy zone. The biggest issue is the lack of long-term clarity on buybacks, so it deserves a smaller premium; committing to a fixed minimum share, such as 50%, instead of year-to-year changes would make it easier to trust. x.com  x.com 

Pump.fun's expanding trading stack and low sales multiple make PUMP's execution and market dominance look free at today's valuation. Its new bridge joins the launchpad, trading app and DEX while PUMP trades at 2.8x market-cap-to-sales. Each 1% increase in revenue would be about $8.2M annually; a 10% lift would lower that multiple to 2.6x at today's price. x.com 

Pump.fun’s Kimchi and rug episode reopens the trust wound dragging on PUMP’s value. The token has remained at one-twentieth of HYPE’s market cap for over a year. Simply stopping the current communications strategy could send PUMP up 5x overnight, but repeated antics make that change look unlikely despite a strong desire to long the token. x.com 

PUMP is ironically cheap, sitting at all-time lows even though Pump.fun is the most used launchpad in crypto. It generates millions in daily fees, and every memecoin season runs through it. x.com 

Pump.fun monetizes by selling SOL to buy PUMP, favoring PUMP over Solana's native token. Over the long term, the two should flip, primarily because SOL is expected to fall to $12. x.com 

Pump.fun's PUMP token faces more unlock selling than its burns can absorb. $193M of tokens unlock this week, with the price already down 60% from launch. That outweighs today's $370M burn of 36% of supply and the pledge to send 50% of future revenue, about $400M a year even in a bear market, to buybacks and burns. x.com 

Pump.fun's higher creator payouts feed a growth loop for PUMP: creators earn more, so they launch and promote more, drawing more traders, more fees and more money for creators and PUMP. September fees rose to $45.6M, while Pump.fun's share fell from $36.1M to $33M as creator payouts jumped from $4.7M to $12.5M. x.com 

Pump.fun serves memecoin demand that leveraged Bitcoin and Ethereum trading cannot replace. If those trades were a solution to memecoins, Pump.fun would never have emerged; its demand still looks durable. Degenerate News reports that the app added Hyperliquid-powered perps, making PUMP's absence from all-time highs surprising. PUMP also offers a way to own the memecoin casino itself. x.com  x.com  x.com  x.com 

PUMP looks set to dump as token unlocks begin. A post the author replies to reports that over $6M of tokens moved to investor and team wallets within an hour. x.com 

PUMP is starting to look cheap again on buybacks: the seven-day average is $1.231m, up 7.9% on the prior week, though Oct. 8's $1.175m was 3.9% below the same weekday last week. A 50/50 blend of seven- and 30-day averages annualizes to $398.7m; at the shown 6.2x multiple, a 10x scenario on that pace implies $0.008601 versus $0.005299 now. x.com