PUMP Buybacks Initialized

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>> Get the freaking producer out of here. Hey, >> this is the wrong one. >> We're live. We're live. Uh joined by Ma Bach. We've got Ian from Chyros. Tolks from the Telegram if he wants me to say that. >> Tolk is >> is that >> page one? >> Are you still doing page one or is it kind of cooked? >> Uh I need to get back to writing. But it's cooked for now.

>> It's cooked until it's not. You know what I mean? It's kind of like a fine wine. It's just aging. >> I know exactly what you mean. Okay. Um, can somebody give me a rundown of what is happening so I can create an opinion? >> Yeah, let's I'm gonna share what I know thanks to Ian sharing what he knew. We have a bit of a chain of sharing what we each other knew uh in the Zerx Research Telegram. Uh it seemed like what an hour now, an hour ago, maybe an hour and a half ago, uh an address, a pump fund fee address was noticed transferring funds and then swapping uh from soul to pump

in large quantities. And following those flows, it seems like they've bought basically up to this point like 1.2 two billion tokens or somewhere around like 7 to 8 million USD worth of pump. So the discretionary buyback h has seemingly been initialized. I don't think the pump team has commented on it yet though publicly. >> They have not. We're the first salon affiliated organization to comment on it. If you go to B, pull up my tweet and you can see what I what Ian shared.

>> Okay. Oh, that's not the tweet. I need to stop doing this. >> I dropped it, too. You can see what Ian shared and then I just followed off of him. >> There you go. But yeah, one of the AMM protocol fee addresses transferred funds uh out of its wallet and then started basically just unloading into the pump token. This is essentially what seems like is happening.

>> How much have they bought back? >> Let me see. There's one address now holding uh a billion tokens or six million USD worth and then this second address holding 200 another 200 million or >> 1.3 mil. So about 7 7 and a half million USD worth. >> Yeah I so pretty significant. So I kind of point posted about this but this is now this is very clickbait but at six mill that's like the past three days of soul on rev being sold into bump.

Um, obviously that's not how markets work, but it is kind of interesting that like I don't really see the point of if you're betting on meme coins, memecoin activity instead of just buying pure meme coins. I feel like now there is a pretty clear venue, a pretty clear um asset that you can long um as the dominant player. So, I know like historically we've we've said like you can buy Launchcoin for what Ryan likes to call them net new assets and whatnot.

Um, but Pump is like pretty the same as Radium. Like you could have long Radium and done really really well. Um, but Pump is like I know their their dominance has gone down slightly, but it's like I think pretty obviously the I think it's the most obvious way to get exposure to memecoin trends and like the trenches as people still call them. Um, so I'm s I don't know how the whole Salana thing is going to work out.

>> F. Let's put you over here. There we go. This feels more natural. >> Nice to be closer to you, Boach. Yeah, I think that's like a really interesting point in general. Uh it's like to your point, it's not like they're they're selling it into soul, but not really. Um because like I mean, well, the first Yeah, I guess they are selling into soul, but it's not like that soul is then being sold immediately into USD. And so I think like in general this is what every single app is going to end up doing. Like if you want to have some sort of like real-time val value acrruel to your token uh and you don't want to take the risk of having just like the native asset volatility

uh have like an impact on your on your revenue or anything like that. like you're going to want to translate your value acuction mechanism. But, you know, you play that out over over a long enough uh time horizon and you essentially kind of get like a tragedy of the commons almost where it's like everyone wants to sell their native token into soul and so they're also going to see like kind of what like the real net demand is for like soul the asset or any L1 token for that matter. Um, and then I think like that probably gets positive tailwinds around it with like any like inflation reduction and just people kind of caring more about like emissions and all these

other things. But like in general, um, I think that's how it's going to play out for all of these protocols that are making significant amounts of money. Um, and you're seeing it in real time now with like pump. I think the interesting thing here though is like this is like definitely not the most sophisticated execution. Like if you're looking at swaps, it's like clips of 69 soul, clips of 420 soul, um all the way up to like 5 580 soul. So USD price like you know roughly under um 100K, like I think like 98K was the largest swap I saw. Um but really interesting that they're just kind of going at it immediately and not really like thinking about it too much.

also like in your guys's opinion is this um the rev is this the revenue share or is this something different because I know that there is that like everyone is like rumoring that the 25% rev share and in my mind it's like revshare means you know here's like a slice of the money we're making buyback equals existing funds and buying your like from the open market so I don't really know how you guys are defining that but >> well isn't buyback well buyback back is still a form of value crow. It's just >> But is it a revenue? Yeah. Yeah. Yeah.

But like is it is this a revenue share? Is this something different? >> I also assumed it was just a buyback to be honest. >> So you think it's like a one-time discretionary buyback or like what do you guys >> Yeah, let's 15 million to the token one time. Yeah, I think the I don't we don't have like enough details yet to say and they haven't confirmed publicly which I think would be great to understand like the broader intent here because to your question Ian like I honestly I don't know like I think the prevailing thought or like rumor mill was that some kind of 25% revenue share design and I think maybe that was landed on being a buyback and a discretionary one at that. Um, so

this could be exactly that. Uh, but it's like we have just this, you know, past two hours of activity. So we don't really have enough like data points to extrapolate, you know, this is clearly not their revenue share for the past day, right? It's like this is a this is a large shoving into the market. Uh, would be like probably weeks worth if not more of uh a 25% rev share from from the app. Yeah. You think they're doing past they're like oh sorry >> they're doing 500k >> last year >> they're doing 500k a day right now uh in over the past few weeks. So yeah I mean it would have to at least be weeks if you're only taking a quarter of that and

shoving it into the token to get to like 7 million um bought in one day. It would be a few talks. What do you think? I've seen some takes on people saying why would I buy soul now including my take. Do you think this is a fair take? I know that's your take. Yeah, you're just gonna tweet the hype soul chart over and over and over. Um, but no, I mean to Ian and and Danny's point like about just the buyback in general, like it's one of the major benefits of obviously crypto and onchain and why we love it like when you see a transaction like this, but there's kind of like weird in between like we've had this type of scenario in the past where like you know a team does something without you know kind of officially announcing it and everybody kind of has

to read in between the lines like it's not necessarily a new thing. Um, so we'll wait to to hear from the team. Obviously, I mean, you can look at the price chart from, you know, the past, you know, two and a half, three hours. Like the the coin price definitely loves it. Um, but as far as, you know, kind of how you started describing the the soul versus pump thing, like I think um I think there's two different ways to separate it. one is kind of where I would align and kind of what I think the market thinks versus what I think is actuality. Like I I've said I think on a pod maybe two weeks ago and um to you at

at permissionless like I think the launch of pump is generally bearish soul in the short term but I think that more on a basis of what I think the market thinks versus what reality is. Um it's kind of to me it like now that the stable coin narrative with ETH has really popped up like you can kind of poke holes in that but like if the market believes it that's kind of all you need and to me like pump and soul is similar in the sense that if you can buy pump at you know 6 and a half billion FDV compared to Soul at like 80 and the only thing that matters on Soul is memecoins then like yeah I see that. So like those narratives are kind of like I I see that view. Um, do I particularly

agree with it? Not necessarily. Like I think boiling boiling down soul to only immune coin chain and even ETH to like only stable coins like I think those are disservices to both of the assets. But again like comparing it to ETH like when ETH was so heavy for so long like Soul's close to 100 billion now. Like that's that's a large asset. You know what I mean? Like it takes it takes a lot to move that. Um, so I think if you can, the market I think will convince itself that you can just buy pump instead of soul. Um, that's kind of the belief I had going into this. Um, was personally underwater for a little bit, but we're we're back we're back above water now,

which is nice. >> Yeah, finally. Um, so yeah, I think I think the market is going to think of it in the way that you described. Why buy soul when you can buy pump? And that's something that I outlined previous to launch. And again, like you could have personal opinions on whether that's right or wrong, but I think the market is going to treat it like that. >> Carlos, what do you think? >> I generally agree with that. Like it depends on how you value soul. Like if you're buying soul just based on rev like the majority of like revenue that soul token holders make just comes from contentious transactions and trading activity and if you look at the highest gen revenue generating applications on

Solana that's generally like trading focused applications like uh pump phantom axium whatever else there is uh but I do think like Sena has more than that um if you look at defi or the past month um we had the launch of X stocks uh you had private credit common chain Camino has surpassed four billion dollars in deposits so it's just a matter of where you pay attention but definitely like just from a revenue generating standpoint definitely the majority of activity is still like just in meme coins and trading activity >> yeah I think that's fair how do you guys

think about like I think the soul to pump question mark is a good one. Obviously, the other one is Bonk. Um, with the recent like shift of activity, I I mean, I've asked this question. We've talked about it before, but uh they're at actually they're at actually similar valuations. >> This is Danny's third pump swap stream this week. >> Yeah, we got to talk about it again. But, uh, Bon the Bonk token and the Pump token are actually at similar I guess for Pump it's market cap. um not FTV but um similar valuations on a on a market cap basis today. Um and like technically the I guess buyback going to Bonk right now would be relatively high given the

amount of trading fees being generated on Bonk fund. I think it maybe the big question there is like durability of of these revenues. Like do you guys think that that Bonk can sustain this shift or do you expect to see like a reversal back over to pump? >> Go ahead, Boach. Your hands. >> Yes, he's got his hands up. >> Speak freely. >> May I speak freely? I am kind of I'm not sure how I the thing is that I don't know how Bonk ended up incentivizing users to

come on let's bonk um coin creators not users to come on let's bonk so I can't be like oh this is how like pump can get that activity back because in my mind this was the same with hyperlquid is whatever creators um like coin creators, market makers, etc. The people who are creating assets or bringing liquidity, they're interested in um dumbflow so that they can make money on it. But dumbflow will only come if they if they're not getting like ruined on the platform and if they're able to like at least compete or make money or they can bet on interesting markets, whatever. So if like pump fund needs to incentivize those users such that creators come in

and they can make money on these on these retail. Um so I don't know how it's going to work. I imagine they're going to do incentives. This is the thing that live streaming doesn't make a lot of sense to me about is like if you are leaning into live streaming that's very cool but like a lot of these tokens aren't created through live streaming. they're created from like mass industrial farms and I'm not sure if you can incentivize people to do a different thing when they're already doing one thing and that's like the way that it works such that I don't do you know like they they earmarked I think it's 3% for live streaming like I would have earmarked 5% for for retail rewards like there's no airdrop as well which I think is good that they didn't do one because they can create some form of liquidity mining

program or some incentive program um for retail or like whatever the users to use it. I'm just previously I wasn't very concerned because I felt like pump still had a lot of momentum, but this is probably the only time because they're kind of out of chips a little bit. Um, and I think that might be why I think it makes a lot of sense for them to do a buyback because we know that when an asset goes up, the ecosystem gets more and more interesting. Like more people want to bet on it. Um, like even now there's like free tokens that have launched due to the buybacks and I imagine they do really well volume-wise, attention-wise. Um, I'm not going to name them, but um, you know what I mean?

So, like I guess long-winded way of saying I'm not sure how they're going to figure out users. >> I mean, it all comes back to the sloth industrial complex. How is the sausage made? We just don't know. I think that chart that you had was interesting though, Danny. Um, of like revenue by Launchpad. But I'd also be interested kind of see like is all of that revenue coming from like a small subset of users like just like kind of getting more like granular with that as well. Um, and like were those the same people that were previously on on pump? Obviously, you can also just

start using like different addresses and stuff but uh I think that's kind of like an open question on my end. >> Yeah, I'm pulling up another chart here uh to hit on this one that I think is pretty interesting. Um volume originating from high frequency traders. So, we can actually see like Radium and and Bonk Fun, I guess maybe specifically Radium here, had has had a bit of a spike in the amount of their total volume that's been coming from higher frequency trading like memecoin addresses.

Um, which I guess is pretty interesting. I don't have enough detail to say whether like specific um addresses per se like how much those guys are are contributing to the activity but we do see like from the trading applications like Axiom has been a big one and then all the trading bots um you can see the overall amount that's been flowing to pump fund since then there was a big drop off when kind of let's bonk took over and it's basically just like users that are using these apps are routing so much of the trading flow um that you can see it have like a massive impact to the over overall like

dollar figure of traded volume on these launchpads. Um >> yeah, >> the other thing to call out maybe just to the point of the activity, it's interesting that like while we see this shift in top token like you know the slop industrial complex, you know, they we know they're out there. Um, it's interesting that this trend is just down regardless of like this shift between pump and and launch lab or radium bunkf.

Um, it's still trending down despite that fact. Um, I I mean maybe if you add these guys together like it that might look a little better, but both of those trends are are headed down and to the right. um which is very different from what we had seen kind of coming out of the uncertain time in the market back in March, April. Like we were on a significant uptrend going heading into May. Um but we can see like these these top slop token creators have been uh kind of tailing off their activity in recent months.

>> Yeah, I think um I was kind of just thinking about this earlier today. I think there's a bit of a correlation with like upticks in in slop uh slop trading coin trading all this stuff and like winter months like when people are just like inside more and they're just like there's not much to do. Um and that kind of always coincides as well with like markets seem to do well in like Q4. Um maybe there's like a bit of a wealth effect there and stuff. So, I mean, I think these summer months are maybe not the best ones to look at, especially right now, uh, like kind of right in the middle of summer, but I think it will be really telling come fall and winter,

um, what the SIC is up to. >> That's an interesting comment. Like, it's like a a trend in Tradfi, right? like you know everyone goes out to their yacht, they head out to Montalk, they go sailing and swimming uh for the summer month and maybe the trading the trading volumes decline a little bit. Uh it would be interesting to see like the touchgrass mentality reflected in the memecoin market where I feel like um I don't know the people who are trading these feels like maybe that's less of a a thing. you know, you're tapped in 247 uh online kind of culture, but uh you

know, when it gets nice outside, maybe it prevails. >> Toes Carlos, any thoughts? >> You guys haven't been on your yacht for the past month. >> Are you out sailing right now for this call? >> Yeah, I'm surprised the audio is working so well. Um, no, I mean, I think I think it's interesting. Um, I think Danny, you had a tweet over I want to say this weekend, a few days ago, just kind of about the the volume transfer of the launchpads and like it to me it was kind of I I don't know. I mean, pump was always going to drop off a little bit just because there's some portion of capital like we see it with, you know, perexes and clubs and other, you know, protocols that as soon as the coin is

announced, like there's some amount of artificial volume. Who knows how much that is, but like it's instantly going to drop off because there's not farming incentives anymore. Whether there is going to be, you know, an an airdrop or they're going to get rewarded for it, like there's some amount of volume on essentially all these protocols that especially pre-token ones that are playing for future incentives. And so I think it's kind of natural to see some of the the pump volume fall off. Um, I do think it was kind of interesting about just Bon Fun like running up into the Pump Fun launch. Um, I don't want to put on a tinfoil hat or anything, but like the timing of that like was, you

know, it was it was pretty good. And I do think there's a case like, you know, for for Bon being valued right around the same with the metrics. I mean, they have it's like a million plus in in revenue now, I think, for for a couple weeks. Um, so it's interesting in that aspect, but um, I don't know. I mean, I don't think pump is going anywhere. I don't think meme coins are going anywhere. Um, I think maybe this the super high outcomes that we saw like back in, you know, the past two years and kind of peaked in January. Like I do think maybe there's a little cap on that. But I think there's some speculative nature that even if you know Bitcoin is down for god forbid like you know a month or two or three straight

like I think there's still going to be some this part of the market is never in my opinion like it's never it's never going away. Um there's some amount of capital that wants to speculate on early stage things whether it's you know meme coins or legit stuff but it's going to be here no matter what the rest of the ecosystem is doing. And I don't think that's ever changing. >> Yeah, I agree with Tolks. I also think that it's like you should be careful if you want to extrapolate like the last two weeks of data and say that bunk fund will take over bump. I think like it's just two weeks of data. Like let's wait a month from now, three months from now

and let's look at the trend. Um, I think it's like it's just too too early to call like bonk flipping bumping bump on funding revenue. And I think like they're in a financial position where they can like defend uh their position quite well and pull the right levers like to uh take market share back. >> Yeah, I think that's a good take. I think um kind of analyzing them I would agree there's like a little bit of a zoom out perspective that's required I will say from the team though uh I would hope that like from Alon and crew and my expectation is that like they're you

know thinking about you know their forward growth levers but especially now that the token is out um my expectation or hope would be that they're like thinking of new ways to to draw either users back or new users in. Obviously, I think live streaming is kind of part of that, right? They want they want content. They want like the social layer to come to the platform. I think they want like sort of like net new viewers or like users on the platform maybe even that aren't even trading at first, right? But get them viewing content on platform or like in app. Um, and then maybe you can convert those into paying or trading users over time. uh get them sucked into the casino.

>> Danny, why are we not on pump five? >> We could be getting compensated for this. >> That's a good point. We uh >> there's uh there's been discussions about it. I if I speak if I speak uh I prefer not >> I prefer not to speak. >> No, I don't know. I think uh this is something that I I don't know I wouldn't be surprised if other you know notable like crypto groups figures are like not considering this like certainly the just the incentive design there is is really interesting

>> stream to earn >> yeah I think it will be interesting I mean the streaming like that's I think that's the main vertical they would go for I mean you look at just you know society and you the other I mean there's streams out there now that what's the uh what's the one tech podcast that streams for like two hours every day? Um, >> yeah. Yeah. >> Yeah. I mean, and podcast in general, like, you know, this trend has been going on for for years now. And I think that the streaming aspect, like I do think there's something to people, no matter what they're doing, no matter what they're working on, like people have up, you know, kind of like a sidescreen or their phone and it's on some type of stream. Like, I think that is the vertical that they're that they

want to tackle the most. Um, I mean, we'll it's to be determined. We'll see on on what they can do to incentivize people there, but I would think that that is kind of their main focus moving forward just because it seems like even media in general like it just kind of seems the way that they're going. >> Yeah. I mean, I feel like they're they're definitely targeting like that LA Vape Cabal vibe to an extent. Uh I think maybe one of those creators is is on is on pump now. you know, we've seen, you know, Gain is on there. Uh, it is interesting to see, I don't know if you guys noticed this, but Anom um started streaming on what is that other platform? Time.f fun. Uh, time.

Fun rolled out like a a streaming or like kind of content um kind of capability for creators there. So, it's interesting to see some competition there even though like we're definitely very early stages. like there's we don't I feel like we definitely don't have like proven market fit for like these like crypto live streaming platforms. But um either way there's there's already like some competition over like kind of you know key crypto ks if you want to call it that.

>> Yeah. I I think again like that's one of the most interesting aspects and I think it's more about um maybe bringing some traditional like web two type people into streaming on their platform versus you know going the like the K route. Um so I think that'll be something interesting to watch. But I mean the competition like you know Twitch and Kick and I mean these platforms they pay ludicrous amounts of money for you know the the top streamers there. But it just goes back to the overall point of like why they're going down this route. Like the the reward is, you know, I mean, you can see it. You can see why somebody would want to attack this vertical because the money to be made in it is, you know, astronomical. And maybe that's

why, you know, people want to push back and argue about why they needed to raise this when, you know, they've made so much from fees. But like if you are trying to go compete with one of these traditional verticals like you need you need a [ __ ] ton of capital because these companies you know they they use a ton of capital to to pay people whether it's you know disclosed or not and if they want to go after the streaming vertical like you have to be well capitalized for that. >> Yeah I think that I agree with a lot of those points there. the I think it's it's early stage. It's an experiment. Uh I've been excited by the kind of like

live streaming attempt. I think the biggest thing there is like just wanting to have like a native uh community and you know maybe you'd say that the slop industrial complex is the native community but uh there's clearly like more value to be had in having a you know in the same way that there are a bunch of people on Twitter and then Twitter can roll out like additional services and like value offerings um to the people that spend all day scrolling on their phone. Uh if you get people scrolling all day or watching all day on the pump app or on the pump website, then you know it's easier to get them you know gambling in the casino or trading on pers or whatever other like additional offering you might roll out

in that platform. Um so I I think like for them it's try to find a way to to take back and be like the front end and get users like on your platform. uh which is going to be a tough ask to given the dynamics today where a lot of people are trading you know pump tokens not on pump right you trade from Phantom you trade from Jupiter you trade from you know trading bot wallets um I think they're going to have to do like a lot of put in a ton of effort to like get people natively on their site um >> yeah definitely um on pump and the launch what do you guys think about all the volume the spot volume pipes done.

>> You have the numbers. >> Uh take a look at it. >> Let me see. >> I'm on the the interface now. It says 600 million in 24hour volume. That's on the um pump uh the same ticker there. I haven't looked at the that's on the purpose volume. I haven't looked at the spot. Um, >> but I I don't really I don't really uh trust that this Gate volume is completely accurate. >> Why not? You got trust issues.

>> I I am a little bit skeptical of Gate um that they would have the largest book depth on this asset. Um but Coin Gecko is saying that they did 287 million 24h hour uh by bit. I I think this is real. I think they did do 165 million. KCoin seems real. 53 million. BitG of 122 seems legitimate. And then um it has the hyper liquid pump USDC pair, but I'm not sure. Did they initiate a spot pair?

>> They did. unit. I know unit has >> so that one's done 200 200 million, but it has like um worse >> book depth than any of the previous ones I've listed. Like the 2% depth um plus 2% is like 50k minus 2% like 75k. Um so that's pretty interesting. I think the most interesting comparison is just uh Hyperliquid versus Sena Dex's volume on pump. I don't know if we have that data.

Yeah, I'm looking now to see >> like previously we I had the assumption that native asset issuance was like a competitive edge in the sense that if you launch a token on Solana, I would expect the majority of the onchain volume to come like from Salana native taxes. this kinds of this kind of like counteracts that thesis in the sense that pump has seen a large portion of their volume come from hyperlid even though it launched like natively on Solana. I don't know if you guys have any thoughts on that.

>> I haven't seen the volume itself but I was looking at judo tips yesterday because I was kind of interested to see how those react there. Um cuz there if like you correlate tips and like priority fees with like uh data that you guys provide on like types of volume by asset. Uh one of the lower correlations was token projects which I thought was interesting and that seems to have played out here. Like yesterday they only did um let's see 10,000 soul in tips which is like no small amount but that's like 1.7 million in tips which is not too out of line with like what they've been doing across like the

last 30 days call it um like it doesn't really show up on the chart in a meaningful way. So I think that's kind of interesting that um that is not higher. So I think it kind of also tells you where a lot of uh people who pay tips what they're usually trading is is not like these token projects but also like I think it's because like I don't know like the latest [ __ ] does not have people com like trading it across multiple venues like centralized exchanges or anything like this. So I think that's like it's like reasonable to kind of think about it but >> yeah I I think it's a good call out. I'm looking at uh DEX markets for pump fun and basically

if these numbers are correct that coin or gecko terminals pulling from Solon chain uh DEX pairs you basically have like the top 10 pools are contributing on Solana are contributing an equivalent amount of 24-hour volume as the singular hyperlquid like unit spot pair. Um, which I think is really interesting to both your points, Carlos and Ian, like you you would have maybe like in the past I think you would have definitely expected like okay the thing launches on this chain uh it's going to do the most volume there. Um, Hyperlquid is kind of I mean I think probably the bigger

consideration here is like if if a lot of high volume users are on Hyperlid and they hold assets there or they're trading other things there um if Pump gets listed you know and you've got 10 mil on the platform like you're not going to pull it off to Salana because you don't need to. >> Yeah. Yeah. Exactly. Like this is kind of crazy cuz I mean this this is the largest uh crypto project token launch we've ever seen by far and all of its price discovery then is taking place on a decentralized exchange which is pretty cool both from uh spot and perki would have loved to hear that. He'd be cheerleading right now.

>> I was thinking I was thinking about that when I when I brought up this conversation of like dance a damn shame but is gone already. Um but yeah, no I mean I think it's I think it's something definitely to monitor. I mean it's another kind of tip of the cap to to Hyperlid like the amount of spot volume that has taken place. And I mean even on pump launch like you saw um you saw centralized exchanges kind of struggle and have some issues with the demand and and onchain was fine. And then you know if you combine that with you know HRP3 and kind of the spot markets on Hyperlquid like you don't have to pay the fees that some centralized exchanges you know kind of demand to list tokens

like we're starting to I don't know just kind of the the vision that has been out there for years like it's starting to really come together and I think you can you can see it very well this week with with pump launch and it's you know personally like I think it's it's awesome to see. Yeah, I definitely agree. I mean, I feel like massive fumble for centralized venues for the sale at the very least, right? Like I I think in the past you would have certainly expected to be able to get orders in to a centralized server um for a sale, but to be basically like edged out by largely the onchain uh sale venue for the pump token was pretty

interesting to see. I mean what like a large majority of the sale was filled onchain versus this the centralized venues. >> Yeah. Yeah. And I mean soul handled it great. You know everything was was awesome there. Um but yeah I mean even like price discovery like we kind of saw that on purp you know a dex before you know it kind of foretold what the demand for the sale would be. And like even that in itself like you know this is stuff that we kind of dreamed about 5 years ago about happening and you know it's everything involved with this pump sale like it it's kind of everything is on chain and it's uh it's happening. It's pretty cool

to see. Turns out you can just do things. you can uh build a multi-billion dollar business and then raise like two billion in cash uh and then just buy back your own asset on chain with like 10 millie and you can just you know rip in 420 soul stacks into the chart and run it up uh after raising all that cash. >> Cool.

>> Sounds crazy to me probably feels so good to do that. Imagine hitting the buy button. Imagine being the intern. >> They do. Still, this one address uh still has a couple million in soul. I don't know if they intend to buy more. They're going to sit around and kind of wait for another time to do so. Um perhaps there's like a price execution piece of this and they don't want to buy. >> Imagine. Yeah, I have to imagine things got kind of like difficult on their end for facilitating like consistent like 50k swaps every or not even twop 50k like market buys every like minute for an hour straight. Um

yeah, I mean also like it's still kind of in like price discovery. There was a lot of terms from what I've heard, differing terms uh for people that did um various realms of pump. So um I think everything's kind of settling there. But yeah, Danny, it does it still has 19K soul. So it's like 3.16 million in that wallet. So they might just turn the buy machine back on at any moment. Um still no announcement from their team. I just checked their Twitter. So, IDK >> I do think that's a benefit like having it be a discretionary buyback versus continuous um at least in like in the immediate term for sure like they can kind of

choose theoretically can like sort of choose a little bit of a price floor for themselves. Um but also, you know, make sure that you know they don't have to be sailor, right? they don't have to literally buy the top of the chart uh every single time they want to get into the market uh and buy back some of the tokens. So, I think that's nice. Um the other part being just like from a strategy perspective, right? You can kind of work out how to handle funds like over a longer time period versus just like, yeah, we know that X% is just getting shipped into the chart. Um I don't know. I think it just opens up more operational flexibility, which is a nice thing. I will point out I'm just going to pull up the chart at least the

onchain dup uh Salana chart we are like they basically ran the thing up you can see this candle here uh when they start started buying um they basically ran the thing up like 10 20% in the span of like two hours um and now it's kind of playing around with this new support level which was the resistance from um kind of the the first two days of trading Um, so who knows? Maybe this is like new clear skies for Pump if it wants to break out up from here. It definitely seems like, you know, for the market at least. And knowing that the pump team is going to buy back their their asset with

potentially unlimited size at any moment is um that's certainly a nice feeling if you're like long. >> I I really some uh some Tom Lee TA on this chart. I need an error straight up with question marks at the end of it. >> I was I was liking what I was seeing when he posted that. That's that's good stuff. >> Oh, there we go. Yeah, that's how you bull post a chart. You just draw an arrow straight up and then put some question marks up above it and then it's just like who knows what can happen. Maybe it just goes straight up.

>> There we go. >> There you go. Right. Right to 12 cents. >> A good arrow. >> Or right to 012. Yeah, that's where we're headed, folks. Not financial advice. No, just kidding. Um, yeah, I mean, I think the big question marks, big next steps. I I think we need to hear from uh we need to hear from the team uh some confirmation. I think I think there's there's still some question marks here like and probably some question marks on this chart uh that I should have put next to the arrow um of what what these like buybacks are. if it's, you know, they're going to be doing some kind of like, you know, buyback o over every, you know, every week or every month or, you know,

totally discretionary up to them. Um, but they'll like save a portion of the revenue for exactly that purpose. Um, and particularly like how much of this like the rev if the rev share that was like sort of rumored um was put into this buyback. If so, like is this the past couple of weeks like built up? like is there a reason they wanted to ship in specifically like 7 million or so USD? Uh bunch of questions there. Um but >> hopefully they can clear up the intentions.

>> Yeah, Alon's just putting it back in the chart. >> One market right here. >> Yeah, you know, definitely understands memecoin markets. >> Yeah. No, I mean, what do you guys think? Uh, I mean, you don't have to give no financial advice on here, but I mean, I still remain pretty excited about pump. Um, I don't think any of us have mentioned that the ticker is also elite, too, which which matters a little bit. Um, but yeah, I mean, what is it right outside uh top 50 now? Like, I can I don't know. I mean, the first kind of general target for me was like 10

billion FTV and we're what, like 40ish% under that now. Um, but yeah, I mean, I I remain pretty optimistic on on that. And I do think, you know, kind of what we talked about throughout the entire call, which is kind of like what, you know, the team has been silent since launch and I think they have a at least I hope so that they have some things up their sleeve. um whether it is you know buybacks you know kind of um incentives for for what they're doing like they've kind of been quiet since launch so I think that will be coming ideally you know today tomorrow this week as well um so I think there's there's a lot of

positive news catalyst that can come for them too >> yeah I will say James Kristoff uh on prior streams. Good notification sounds. Uh James Kristoff on prior on a prior broadcast, uh it's basically foretold that uh if Alon and Co decided to turn on the buyback machine, you'd see the coin rip straight up, you know, 50%.

Uh basically instantly. I think he was relatively on track there, right? like it they basically pushed the price up about you know 20% or so. Uh and if this is like a clear intention here then I think I would agree probably higher is on the cards uh just based on that alone if you have the bid from a team that has a massive amount of funds um and is earning a ton of money similar to what you've seen like with Hyperlid that I mean when that thing launched it kind of walked up for a couple of weeks in a row. Um, one I think, you know, maybe because the market wasn't thinking about it the right way at the start. Um, but then two, you've got that kind of bid behind it as well. I do agree to like I think m the way that maybe I'm thinking

about it is like I think for a long time one of the tokens that I would have liked to buy in this market was a pump token and it didn't exist. Um, and now it exists and they still make a lot of money. Um, they're committing to some amount of revshare or buyback, what have you. Um, and the the metrics still look good today and you know they're shipping and they have a ton of cash on hand to like go ahead and kind of tackle the future. So, um, a lot of things look pretty good at least in the immediate term. I think there's assets uh at higher valuations that you know I feel like you could certainly see a flipping happening.

>> What is the bird case for pump? because everyone's bull posting, but like I haven't seen many people like with the bare case. >> I could give it I could give it a bare case. >> Run it. >> Um, you know, young team, tons of money, they could just kind of be like economically set for the rest of their life at this point like they like for generations. So like I don't I think there's a nonzero chance that they check out from that perspective.

Um and again I'm just like giving the bare case here but um we see a secular decline in memecoin trading overall. Um people stop actually trading these things. People move to a different platform. Um, I think those those are kind of the main ones. Also, like generally speaking, um, when everyone is like really hyped up about something, uh, there's probably something that everyone's also missing. Um, but at the same time, like, you know, I think with all kind of crypto projects in general and the nature of being open source, I

think things do kind of turn into like a capital game. Um, so I think like anyone can like fork your protocol, anyone can do like uh the exact same thing more or less. Um, it's really just going to come down to like incentives and like what economic incentive do they have to stay there consistently. So I think like if they can establish a real financial moat which I think they've kind of done with this raise um but then if they can get like to kind of the right um mo whether it be through these discretionary buybacks or other sort of value acrruel mechanisms that ultimately align everyone via token price. Um, I think things look pretty good for them. But

like I think those are kind of the immediate bare um cases for pump of just like people stop trading meme coins, volumes die out or people shift to another platform or team checks out. Uh, just given they've they've made, you know, hundreds of millions of dollars. Um, so I think that's kind of the wall of worry they need to climb. >> Yeah, I think I'd add to it. Like I think one of the really big bare cases for pump I think and for a lot of these apps actually is um if you can't build some sort of like front-end status that there can be value in being like kind of the backend infrastructure and like

routing layer for things but it's obviously it's like a very different beast I think um when it comes to these launchpads as we've seen with like you know bunk fun and launch lab like taking the slop industrial complex away pump for the time being or at least a large chunk of it. Um, you know, that that draws away a lot of the fees because the end users that are on trading apps and on Phantom and what have you, like they're not they're not really beholden to like buying a pump token um with whatever the ticker is. It doesn't necessarily have to end in the pump um lettering on the address. They just they want to bid the assets that are like viral. Um they want to bid the slop uh whoever's making it. So, I I think there's like there's almost like a

question mark here of like, you know, could if Axiom can walk in and drop their own launchpad um and and bundle up all that stuff within their own platform where a ton of the users and the flow is coming from today um do you kind of just intermediate the need to even have a pump? And I think that's where they like they really need to like fight back and push and build out, you know, a more compelling like trading experience and like other experiences within the platform to like get users uh kind of back natively um and using them as a front end.

>> Cool. >> Yeah, I think that's definitely fair. I mean, I also think, you know, they raised a bunch of money in and private round like just to steal man the bear case like you know what marginal dollar is left to buy them. Um I think that's also a question that that should be out there. You know I mean this has been kind of um signaled to the market and you know a lot of money raised privately too. So like you know it's it's kind of been known and out there and if um you know every day that passes by that maybe it doesn't necessarily go up like that's another day where people have known about this and known about you know the bullcase and um maybe there's just not

that many marginal dollars out there to to put it higher. I think um I think that can be a potential bare case too. um things tend to rip the hardest when nobody kind of expects what is, you know, whether it's a a token launch or a new coin. Um those are kind of the things that that tend to to rip the hardest and pump has been, you know, at least for a month or so, it's kind of been been rumored. Um and the valuations have been clear. Uh so everybody's kind of known and and been on the same page there. So that can be a potential bare case too just kind of um you know the the demand that that can be there and especially with the per like on early market like I think the volume

hyperlquid did was is awesome and it's amazing to see like price discovery happen and perfor token is live but it also in a way kind of enables obviously people to hedge but it also kind of enables the um or disenables the kind of surprise aspect of things just you know, launching and ripping. Um, so that's another thing to keep in mind. >> Yeah, I think that's a good point. This this token launch a bit different than any in the past. Pre-markets have never really been this large, this liquid, or this highly traded. Um, and it's also been a long time since we've had like an ICO of this size. You know, I think you'd have to go way back, like maybe

2018 or 2019 for like an actual ICO with with this amount of funds uh shoveled into it. Um not like a VC sort of raise typical like raise round raising token. Um so definitely a bit of a shift there. Awesome. Well, I think uh we'll we'll call it there. We don't want to continue speculating here on what uh the pump team are going to do with their additional funds, whether or not they'll buy more tokens or not. Hopefully uh after we get out of here, maybe in the next 24 hours or next few days, we'll we'll get uh some conf confirmations from uh the pump team on the buybacks on like their kind of broader intentions here. But I don't know. I think I feel

like we laid out some of the bull bear cases here. Ton of cash. These guys are pretty ambitious. um they've been they were kind of the head of the market I think in the memecoin game when basically the entirety of the market was saying for months and months that uh it was ephemeral memes are dead it's a zero uh and then they went and ripped their protocol 10x higher uh in everybody's face so yeah I mean it must feel amazing to raise like one half billion dollars and and then go and buy back your token on chain in massive in massive size um and hopefully they can keep being successful. I think we'll we'll have to see from here. But, uh, thanks for coming on, guys. Tolks, Ian, Carlos,

appreciate you hopping on LA late notice, last minute to chat. And, uh, yeah, I guess anyone have any last takeaways on pump before we close it out? >> No, I'm all good. I uh I'm positioned for the token to go up, so I hope that's what the case is. Um, so yes, you should go out and buy pump and that's financial advice. >> Ian, any last thoughts on slop or pump? >> No, no, I think we kind of covered everything. I think it's just kind of, you know, watch how it plays out.

>> Beautiful. We'll leave it there, Carlos. Uh, I know you're upset at centralized exchanges like I am. Uh, onchain is the future. Pump's proving it. Hyperlquid is proving it. Uh, yeah, get on chain. Don't use centralized exchanges. Uh, but we will see you guys next time. Thanks all for hopping in and hanging out. Uh, hopefully these pump guys will keep bidding this [ __ ] up cuz full disclosure, I do hold some pump tokens. So, I would like to see it go higher. See you guys. >> Peace.

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