Yes $PUMP is still undervalued. 100% of its revenue goes to buybacks.
If we assume October, November, and December match August’s revenue, the total yearly revenue comes to $640M.
So it would take 4 years to buy back the entire circulating supply.
Annual revenue already equals 23% of the circulating supply, an exceptionally high ratio that no other protocol has.
The only caution is the high FDV ($8B), with about $1B worth of $PUMP that can be unlocked at any time.
But even with the FDV, the annualized revenue is 8% of FDV, which is the same percentage as $HYPE annualized revenue relative to its Mcap (not FDV).
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