PUMP (PUMP)

the pumpfun team have definitely seen all the commotion on the tl over the last couple days

and they’re still choosing to not address the airdrop situation

theres not a single valid excuse they could have to not address it

especially since they made the promise of an airdrop over a year ago…

Longed $PUMP here at $0.0014

Feels like a no-brainer with Ansem bringing back the memecoin activity

+ could be a nice beta play with SOL's recent tailwinds

Coin has been cursed for the last 12 months but hoping they can finally turn it around

What could go wrong? https://t.co/ItRLHodLxW

There's a case to be made that $PUMP may be the real beta from memes on Solana continuing to send higher.

$ANSEM sent to $80M

$SOL has stabilized ~$72 while the number of new wallets on Pump continues to spike, indicating users are rotating back to the trenches.

Meanwhile, $PUMP is trading at rock bottom valuations:
- P/S: 1.76x
- P/F: 0.74 trading below annualized fees
- 30d revenue: $26.4M
- Buyback yield at current rev: ~29% annualized
- Supply burned: 36% ($370M)

One thing to note is graduation rate is at 0.26%, but if the rate recovers to just half its March peak, the buyback could create a reflexive bid front runing the revenue.

Additionally, most mature DEX token trades around 3.5x P/F.
- $HYPE 14.7x
- $UNI 3.5x
- $JUP 3.5x
- $CAKE 3.5x
- $RAY 3.1x

Outside of Hyperliquid, none of its peers trade below 3x.

Even if you applied a 50% cyclicality discount to account for memecoin dependency, so 1.5x P/F ~$1.14B mktcap.

It's 106% upside from here, picks and axes play.