The bottom rebound exceeded 4 times, what changes has Pump.fun made?

2025-09-15 12:10:54

Collection

Original Author: hoeem
Original Compilation: AididiaoJP, Foresight News

This article was first published on September 12

Pump is the most successful crypto casino in history, with an endless loyal user base.

This is a casino where you can profit because it has a buyback mechanism.

Every gambler, every streamer, every speculator generates fees. And these fees do not disappear into some venture capital black hole; they are directly cycled back into the buyback of PUMP.

You are not betting against the house. You are the house.

Upbit and Binance have just listed PUMP, and there has been some selling pressure. If you are cautious, here are some candlestick charts for reference:

Revenue Doesn't Lie

In the past week:

Pump Revenue = $14 million
Hype Revenue = $16 million

Weekly revenues are similar, yet Hype's valuation is 10 times that of Pump.

This mispricing will not last.

Early Stage of Streaming

Twitch is a $50 billion company, but it pays very little to its streamers. Pump will tokenize attention and pay more rewards, and despite just starting its journey in the live streaming space, it is expected to reach similar revenue levels.

$1 million in streamer token trading volume = over $10,000 in payouts.

Annual Revenue: Pump ≈ $750 million, Twitch ≈ $1.7 billion.
Market Cap Valuation: Twitch = $50 billion, Pump = ~ $2 billion.

Even a general level of acceptance would push Pump's revenue over $1 billion; this gap is absurd.

Since the emergence of this new method for creators to earn through tokens and live streaming, we have seen revenue surge.

This is happening amid low trading volumes on Solana DEX, yet we still see pump.fun generating extremely high revenue.

Gambling Theme

Risk appetite rising in Q4? Crypto gamblers won’t fly to Las Vegas; they will gamble on Pump's tokens.

Every bet on newly graduated tokens also means more fees.

More fees equal more buybacks.

More buybacks equal tighter supply.

That’s the cycle.

Buyback Engine

Pump has already bought back approximately $85.37 million worth of tokens, which is 6.1% of the circulating supply.

Daily buyback amounts range from $1 to $2.5 million.

Monthly peak run rates are between $10 to $15 million.

For a token with a $2 billion market cap, this is a substantial market impact.

The liquidity of the core funding pool is only $20 to $30 million, and the impact of buybacks hits like a truck.

Creator Revenue Sharing Moat

Meme coins often die out after the hype, but creator revenue sharing solves this problem.

Creators now earn fees that are 10 times higher as their tokens grow.

Within just 24 hours of its launch, over $2 million was paid to creators.

We can agree or disagree on the ethics of this; I don’t care, it aligns with my Pump thesis: more fees, more revenue, more buybacks.

Chain Reaction:

Pumpswap's trading volume surpassed Raydium + Meteora, with daily trading volume reaching $878 million.
MEXC now lists one Pump ecosystem token every Monday.
Developers stay because their income grows as the project scales.

This is how to build a moat.

Sentiment + Mindshare Shift

Charts don’t lie either.

Mindshare: After the crash in early July, Pump hit bottom but has been climbing steadily. Mindshare has rebounded from about 3% to over 6% and is still rising, with attention market share compounding.