PUMP still feels like a no-brainer buy here. Main two risks to the long thesis have been addressed: (1) Can they take back market share: Pump has firmly regained its revenue market share in the launchpad sector, now at ~85% and the highest level since June. (2) Value accrual of token vs. equity: The team has been using 100% of Pump’s revenues to buy back the token (>$1.5M daily), signaling alignment between the token and the project's success. Attractive Valuation - Despite being back above ICO price, it's still ridiculously cheap. With 30-day annualized revenue amounting to $540M, PUMP is trading at a circulating P/S of 3 and FDV/Sales of 9, far too low for one of the fastest-growing and most successful apps of this cycle. Plenty of Marginal Buyers - Quality coins like SOL, HYPE, ENA, AAVE, etc., are already consensus. They will probably still do well, but most liquid funds are already allocated. PUMP, on the other hand, is still dismissed by many, and I suspect a lot of well-capitalized players are sidelined.