I've taken a $50k position in $PUMP. Here's the thesis:

First, the mechanics work. We're seeing 1m+ in daily buybacks flowing through—that's real volume supporting the price, not just hype. The token is down 50% from its IPO, which creates an asymmetric risk/reward setup.

Second, the competitive landscape has shifted dramatically. When $PUMP first launched, it dominated its category. Then competition emerged—specifically tokens like BONK—and the market fragmented. The USD1 category has blown up to 3x the size it was back then.

But here's what's interesting: the last time $PUMP went dormant, that vacuum got filled. Competitors moved in, the narrative shifted. Yet historically, when attention cycled back, $PUMP ripped—we're talking 2.4B to 8B territory with consistent 50M+ runners across multiple cycles. The token even pushed into 300M+ territory at peak euphoria.

The bet is simple: daily buybacks + reduced competition noise + market maturity could reset the narrative. Whether it executes or fizzles depends on whether those mechanics hold under stress. Either way, the risk/reward at current levels beats most alternatives in this space.