pump, bonk and their top memes, fartcoin and useless, now occupy 60% of mindshare in the memecoin sector.
already shared my views on pump vs bonk in the last weeks.
but would you rather hold pump or fartcoin here?
1/
fartcoin's mcap is now higher than pump.
to see how significant this is, here are mcaps of launchpads and their top token:
bonk ($2b) -> useless ($0.2b)
virtual ($0.8b) -> aixbt ($0.1b)
but also:
ethereum ($435b) -> uniswap ($6b)
solana ($90b) -> pengu ($2b)
we usually see a >10x mcap diff between the token and the underlying infra that supports it. based on this metric, it seems that either fartcoin is overvalued, or pump is undervalued, or both.
+1 for pump
2/
fartcoin is down 40% from recent highs, but it still doesn't look cheap at $1b as the only comparable meme with a higher mcap is spx (only 50% higher). doge shib and pepe looking out of reach.
on the other hand, pump is down 62% from tge and already >2x cheaper than bonk.
+1 for pump
3/
on the other hand, pump being a protocol, its valuation is tied to its metrics. revenue, token launches, volumes.
fartcoin can pump at anytime for no other reason that the market being bullish. but as we have seen a single statement by alon can drop pump's mcap by more than $500m.
+1 for fartcoin
4/
community and social metrics are very important for memecoins. both pump and fartcoin have a good community and high mindshare.
I like to use @_dexuai maxi chart to evaluate the strength of the community. we see pump having way more maxis than fartcoin.
+1 for pump
5/
as soros says: "the worse a situation becomes, the less it takes to turn it around, and the bigger the upside."
at this stage a single bullish tweet from alon could set the bottom for pump. we are already seeing signs of sell exhaustion.
yes all the on-chain metrics are down for pump but that's already priced in and this could be the bottom both for on-chain metric and the token.
+1 for pump
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overall, it seems to me pump is a better buy here compared to fartcoin (and most other memecoins).



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