After the large $PUMP unlock, it didn’t drop but rose instead. http://Pump.fun remains one of the few protocols that can consistently make money during a bear market. Investor sell-offs are limited, and buybacks and burns continue to provide support. The platform's annualized revenue is still around $450 million. Although Robinhood Chain has quickly captured Launchpad traffic, it hasn’t significantly taken users or market share from http://Pump.fun yet. The real test will be how long this revenue and buyback flywheel can keep spinning after the Meme hype fades.