$PUMP has been the mirror of this crypto cycle, but its also the mirror of an entire generation "I'm not going to make it with a 9-5, so I might as well risk it all." But is it ALSO undervalued? Is it possible the most popular app of the cycle is ALSO a cycle-defining bet with size? The highest mindshare app in the crypto space is currently valued the same as Internet Computer. Don’t overthink it - Team has $1B in cash - $125m in buybacks - 7.8% of supply - 1/2 the buybacks as $HYPE during the same time yet 1/7th the mkt cap - equals $700m/year into buybacks at the lows, which is ~20% of circulating supply (h/t @VarrockBank ) - no unlocks until May ‘26 - token holder growth passing 100k, up and to the right - over $80m paid to creators "Ya well fees wont continue" - Importantly, fees still did well after the bloodbath the last few weeks, which is what I was waiting to see. But cut fees to 1/20th what they are now - no - cut them to ZERO - and its STILL undervalued in the crypto space where 95% of projects have few users and generate ZERO DOLLARS some comps - JUST for fun At $0.03, thats a little over $10B mkt cap - which is less than: Axie, Klay, Atom, Dash, Algorand, and EOS hit last cycle. Klaytn? Huh? Alogrand hit $13B.... ALGORAND?!?! Axie did a 10x in 4 months from $1B —> $10B last cycle "2021 was a different time" - yes it was no doubt. But you’re telling me the name of the cycle cant do a measly 4x from here if things get frothy? Come on $2.5B mkt cap and $693m lifetime revenue - that’s a ~3.6x P/E(ish) multiple (yes I’m aware it’s not the same) Just play along for equivalence sake - we call it P/E just to rhyme with stocks Annualize their current lifetime revenue. ~$690m. Mkt cap is ~$2.5B. Pump is trading at a ~3.6x P/E(ish) multiple? 3.6x LMAOOOOOOOOOOOOOOOOOOO Even with FDV, $PUMP is ~10x P/E. Imagine if this was a tech stock with these numbers - wallstreetbets would be howling from the rooftops For comps: - Nasdaq-100: ~27x forward, ~33x trailing - Autos/energy (little growth) usually >5x P/E - a ~3x earnings multiple for a healthy, growing tech stock does not exist pump dot fun is the one. fill the hyperliquid wick, then double. for the degens (more charts in next tweet)

h/t stole some stuff from @varrokbank @Credib1eGuy @0xjaypeg @apewoodx @ibuyrugs all worth a follow