Despite trading below its ICO price, PUMP continues to punch above its weight in fundamentals, generating $10.2 million in weekly fees, enough to place in the top 20 globally in crypto fee rankings.
Analysis from Ignas highlights that the performance is largely powered by PumpSwap, the protocol’s native DEX, which drives half of all fee revenue and funnels 25% of swap fees into PUMP buybacks.
Despite generating hefty weekly fees, market perception lags. PUMP is currently trading about 20 % below its ICO price, around $0.0036, reflecting a notable sell‑off by early investors and underwhelming post‑ICO momentum.
Pump’s fully diluted valuation is $3.6 billion, nearly three times its circulating market cap, while rival BONK, with a more dispersed holder base, commands a $2.93 billion cap despite lower weekly fees.
The contrast highlights a key tension. Pump monetizes well, with a clean fee split of 0.3% per swap, split between LPs, the team, and creators, yet it faces headwinds from its token distribution: 18% of the supply went to private-sale investors, all unlocked on day one.
By contrast, Bonk’s community-first allocation strategy gives it a retail halo that continues to attract traders.
Pump’s seed valuation reportedly started at just $12 million, making its rise a 322x leap, but that same early-stage advantage may now be weighing on sentiment.
The takeaway: Pump prints real revenue, but lacks narrative fuel. Until it closes the gap between cash flow and community perception, it may continue to trail Bonk in market cap even as it leads in fees.
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