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PUMP, the native token of Solana-based memecoin issuance platform Pump.fun, is undervalued relative to revenue and could rise to $0.0108-$0.0205, or 2.3x to 4.4x its current price, under three scenarios, according to a Blockworks Research analysis by analyst Shaunda Devens. Devens said Pump.fun’s annualized revenue has reached $677 million, while its price-to-sales ratio stands at just 2.8x. Devens added buybacks funded with 50% of revenue would amount to about 17.6% of circulating supply annually at the current price. Internal token holdings and transparency issues were cited as risk factors, and the bearish scenario implies a 59% to 76% decline.