PUMP (PUMP)

There’s a reason $PUMP can print $72M in monthly fees and still be down 70.6% since October.

The business works.

People use it; it generates fees and produces revenue. Over the last 30 days, $28.2M of fees became protocol revenue and $13.1M made its way back to holders.

For most tokens, that's extremely bullish.

For $PUMP, it’s only half the story.

The other half is the unlock schedule.

Pump trades around $643.8M against a $1.36B FDV, with only 47% of supply circulating. Over the next year, 165B tokens unlock, worth roughly $263.5M at today’s price.

> That’s 40.9% of the current market cap scheduled to hit the float.

The real pressure point is July 12.

That’s when 89.375B tokens unlock at once, worth about $142.7M today, or roughly 22.2% of $PUMP’s entire market cap.

After that, the schedule gets much easier to digest: 11 monthly tranches of 6.875B tokens, worth about $11M per month, or roughly 1.7% of the current market cap monthly.

So the market isn’t ignoring the revenue; it's pricing the cliff.