The market: "The @PumpFun guys suck at comms and IR. It’s a crypto product with PMF? The revenues must be fake (even though you can see it all onchain). Scam! I will sell/short tokens." Me: "Maybe they know what they are doing… Let the price stay low → The buyback removes more tokens for the same amount of dollars at these low prices → Supply deflates more quickly (on pace to remove 14%+ in first year, but would actually reduce ~33% of supply per year at current prices) → At that pace, $PUMP amortizes to zero tokens outstanding in ~3 years as supply goes to basically zero → Mechanically the price must go higher if revenues sustain.” Last token holder standing wins when you have profitable entities buying back tokens with Free Cash Flow.