Originally published at mrnasdog.com/analysis/why-i-bought-pump by MrNasDog.
(This is my own view, not financial advice. I could be wrong.)
A member asked me why I bought PUMP, the coin of Pump.fun, the memecoin launchpad on Solana. It sits in my Aggressive altcoins portfolio, and I’m still testing it. Here are my three reasons, the two risks I watch, and the numbers behind each one. PUMP is about $0.0041 as I write.
PUMP in six numbers (Figure 1):
| 3.0× | P/S, the lowest I track |
| 50% | Of revenue buys PUMP and burns it |
| 168B | PUMP burned since launch |
| #1 | DEX on Solana |
| 145B | Unlocked in 90 days |
| ~250B | Still locked |
Green = why I like it. Red and black = the risk.
Is PUMP cheap for what it earns?
The first thing I look at is P/S, price vs revenue: the coin’s market value divided by the revenue the app earns in a year. Revenue is the part of the fees the app keeps for itself, not everything users pay. Lower is better. A low P/S means the business earns a lot compared with what the coin costs. I only use the last 30 or 90 days, turned into a year. Last year’s numbers come from a bear market and would tell us little.
PUMP is at 3.0×. That’s the lowest of the exchange coins I follow, lower even than RAY, which just had a very strong month. In simple words: Pump.fun is rich.
| Coin | P/S, last 30 days | P/S, last 90 days |
|---|---|---|
| PUMP | 3.0× | 3.6× |
| RAY | 7.0× | 16.4× |
| CAKE | 9.8× | 14.7× |
| JUP | 13.3× | 17.2× |
| HYPE | 28.9× | 35.9× |
Figure 2 — P/S = market value ÷ yearly revenue (what the app keeps from the fees users pay). Numbers as of Sep 26 2026.
Does Pump.fun buy back and burn PUMP?
And Pump.fun doesn’t just keep that money. Since Apr 28 2026, a contract locks half of its revenue into buying PUMP on the open market and burning it, for one year. On that same day it also burned every PUMP it had bought back in the nine months before.
Put the two together: a business that earns a lot, and spends half of it buying its own coin. So the real money buying PUMP from the market is big. In the last 90 days it came to about $61.7M. That’s more than RAY, CAKE, JUP and ASTER put together.
| Coin | Bought back, last 90 days |
|---|---|
| HYPE | $141.4M |
| PUMP | $61.7M |
| ASTER | $12.4M |
| CAKE | $10.0M |
| JUP | $8.1M |
| RAY | $5.7M |
Figure 3 — Dollars spent buying back each coin, last 90 days (to Sep 25 2026). Only HYPE spends more.
And the burn is real. You can see it in the supply itself. No new PUMP can ever be created, so the count can only go down:
| When | What | Total PUMP supply |
|---|---|---|
| Jul 2025 | Launch: every PUMP that will ever exist | 1,000B |
| Jun 17 2026 | After the first big burn (Apr 28 2026) | 857.9B |
| Sep 15 2026 | 90 days of the 50% buyback later | 834.1B |
| Sep 26 2026 | Today, read from the chain | 831.9B |
Figure 4 — Total PUMP supply. Today’s number is read straight from the blockchain. 2.2B more PUMP were burned in the last 11 days alone.
PUMP still has inflation, because of the unlock (more on that below). But a burn this big can cancel part of it. That is my first reason.
The rest of this analysis is for MrNasDog members: Reason 2 (the memecoin leader), Reason 3 (always first), the two risks with the unlock chart, and what I plan to do. Read it at mrnasdog.com/analysis/why-i-bought-pump.
This is my own view, not financial advice. I could be wrong.
Original: https://mrnasdog.com/analysis/why-i-bought-pump · Data + explanation only. Not financial advice.