I just bought a token I hate.
No updates. No roadmap. Team is silent.
They’re extremely extractive dumping their earned $SOL on CEX.
The token has crashed. Everyone left.
But the most hated trade is also an asymmetric bet (a thread) 📌👇
$PUMP is down bad and so is market share.
New token launches dropped from 90% to 16%.
Users migrated.
@bonk_fun is eating their lunch with 54% market share now.
Daily revenue fell from $1.45M to $178K.
Lowest since March 2024.
But…
For the last 6 days, 100% of revenue was used for buybacks.
Not reinvested. Not held. Bought back.
That’s a sign for conviction. Especially when sentiment is this toxic.
Even with declining volume, annualized revenue is still $254M.
Top tier for crypto apps.
At a $1B market cap, it’s trading at a 4x valuation multiple which is extremely low!
And their treasury holds $2B in cash. Serious money for new initiatives.
No one wants to touch this.
But sometimes, the best trade is the one that feels awful.
If they start communicating, ship a viral feature, or make one smart move, this can flip fast.
A bet on asymmetric outcomes.
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