
The author presents a bearish thesis on Pump.fun, arguing its revenue is in terminal decline despite a new token buyback program. Although on-chain data confirms the buyback mechanism is active, the author warns the platform is overvalued relative to diminishing future buybacks. This suggests the current memecoin launch cycle may be ending, posing a risk to the PUMP token.

By beaniemaxi
Crypto native since the early days. Went all in on DeFi summer. Then tripled down on NFTs. VC @gmcapital_. No paid promos. Not financial advice. I talk my book.