The post analyzes the valuation of PUMP, noting its current market cap/FDV of approximately $41M, a price of ~$0.052, and a circulating supply of ~782M with over 21-22% burned. With an annualized protocol revenue of ~$37.5M and a high buyback yield of ~85-90% annualized, the token trades at a price-to-buyback multiple of 1.1-1.2x. Based on these metrics and a normalized multiple of 3-6x, the author estimates a fair value range between $80M and $150M+ if revenue remains robust.