Original author: hoeem

Original translation: AididiaoJP, Foresight News

This article was originally published on September 12

Pump is the most successful crypto casino ever and has an endlessly loyal user base.

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

Every gambler, every streamer, and every speculator who comes in will incur fees. And these fees will not disappear into the black hole of some venture capital, they will be directly recycled for the repurchase of PUMP.

You're not betting against the banker. You are the banker.

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

Income doesn't lie

Past week:

• Pump revenue = $14 million
• Hype revenue = $16 million

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

This mispricing will not last.

The early days of streaming

Twitch is a $50 billion company, yet it barely pays its streamers. Pump tokenizes attention, pays more, and is poised to reach similar revenue levels despite just beginning its journey in live streaming.

$1 million in anchor token trading volume = $10,000 + payment amount.

• Annualized revenue: Pump ≈ $750 million, Twitch ≈ $1.7 billion.
• Market capitalization valuations: Twitch = $50 billion, Pump = ~$2 billion.

Even moderate acceptance would have pushed Pump's revenue past $1 billion, a ridiculous gap.

Since the emergence of this new way for creators to monetize through tokens and live streaming, we’ve seen a surge in revenue.

This is happening despite low trading volumes on the Solana DEX, while we are still seeing pump.fun generating extremely high revenue.

Gambling Theme

Risk appetite rises in Q4? Crypto gamblers don’t fly to Las Vegas, they gamble on Pump tokens.

Each stake in a newly graduated token also means more fees.

More fees equals more buybacks.

More buybacks equal tighter supply.

That's the cycle.

Buyback Engine

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

The daily repurchase amount is between US$1 million and US$2.5 million.

The peak monthly run rate is $100-150 million.

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

With only $20-30 million in liquidity in the core pool, the repurchase hit like a truck.

Creator share moat

Memecoins typically die out after the hype, and creator sharing solves this problem.

Creators now earn 10x higher fees as their tokens grow.

In just 24 hours after its launch, $2 million+ was paid out to creators.

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

chain reaction:

• Pumpswap’s trading volume surpassed Raydium + Meteora, reaching $878 million in daily trading volume.
• MEXC now lists a Pump ecosystem token every Monday.
• Developers stay because their income grows with the size of their projects.

This is how you build a moat.

Sentiment + mindshare shift

The charts don't lie either.

Mindshare: After plummeting in early July, Pump hit bottom but continues to climb. Mindshare has rebounded from approximately 3% to over 6% and is still rising, with compounding growth in attention market share.

Market Sentiment: Even though sentiment began trending upwards after the price crash following the ICO, there are still plenty of skeptics.

People capitulated, but since then, as revenue and buybacks have started to come in, they have reevaluated the project.

When mind share rises, sentiment shifts, and fundamentals improve, that is a signal of a trend change.

Ecosystem expansion

Pump is not static, it is constantly adding features:

• 98% of revenue is recycled for buybacks.
• Integrated @bubblemaps for clearer token discovery.
• Loyalty airdrops to retain users.
• The app that redefines memes as viral.

Each layer strengthens the flywheel effect.

Big picture:

When the Pump launched, it was a mess, the price plummeted, and everyone lost interest.

Now what?

• Revenue is compounding.
• Weekly buybacks.
• Mind share and market sentiment are climbing.
• The live gambling theme is in its early stages.

Pump is not just any casino.

It is the most successful crypto casino in existence.

It’s a casino you can own through token buybacks.