Cut my @pumpdotfun long at almost break even after reviewing the latest in revenue + TVL on @DefiLlama.
Revenue for $PUMP continues to decline. Its down about 60% since TGE. running $400-600k a day when previously it was $1.2-1.5m per day.
Meanwhile, $BONK revenue continues to increase at almost $1m per day the past several days. $PUMP hasnt made $1m or more in revenue since July 4th. No joke.
At these revenues, annualized $BONK p/e is 8.2 not accounting for deflationary tokenomics & additional sources of revenue coming online per @theunipcs. I think $BONK will continue to re-rate higher.
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