(7) - Consequently, we now believe the rise in Bonk eco will curtail upside associated with Pump’s token. We are bullish on $Bonk & eco while neutral/bearish on Pump’s $4b valuation. - We think Pump’s fee run rate is generously ~$2m/day (only $1.3m yesterday), so $725m/yr and ascribe a 4-8x multiple on fees given competition, yielding a $2.9-5.8b valuation range.