[Analyst: PUMP May Be Undervalued in the Short Term, but Long-Term Value Remains Uncertain] BlockBeats News, September 11, Blockworks analyst Shaunda Devens published an article exploring whether PUMP is 'undervalued' or 'lacking in value.' She believes that the market has underestimated the fundamentals of PumpFun's business, but there is still uncertainty about whether PUMP can sustain the company's value in the long term. Currently, PumpFun's annualized revenue is approximately $677 million, and PUMP's price-to-sales ratio is about 2.8x, lower than similar revenue-generating tokens. PumpFun allocates 50% of its protocol revenue to programmatic buybacks and burns of PUMP. Based on current revenue and prices, this equates to repurchasing approximately 17.6% of the circulating supply annually. About 77% of tokens allocated to the team and investors remain unmoved. These factors may alleviate supply pressure caused by insider sales and token unlocks in the short term. However, PUMP's official documentation explicitly states that the token does not represent equity in PumpFun, nor does it grant holders rights to income, profits, dividends, or cash flow. PumpFun's treasury, valued at approximately $2 billion, is owned by Baton Corp, not PUMP holders. The current programmatic buyback arrangement is set to expire in April 2027, and whether it will be extended remains uncertain. Under the baseline scenario, PUMP's valuation range is estimated to be $0.0108 to $0.0205, approximately 2.3 to 4.4 times higher than its price on September 9. However, if business activity declines and valuations continue to contract, the price could also drop by 59% to 76%. Therefore, the conclusion is that while PUMP may be undervalued in the short term, its long-term value depends on whether the buyback program is extended and whether the project team further clarifies the relationship between the token and the company's business interests. [Original Article Link]