Beyond token price, my thesis on pump as a company is basically unchanged from 2025 They just have so much money Over a billion dollars in their treasury, and they've already built a massive vertically-integrated product so their margins are better than all competitors too Someone else can come up with a cool new feature, but if it proves to be sticky pump can just hire the best engineers in the world to copy it a month later Their app is in the iOS app store, lets normal people buy coins on any chain with apple pay and has a bunch of addictive vibrations and animations. They realize how important it is to have a bunch of people fully contained within their ecosystem so they're investing a lot into the app, which will just further increase their overall margins over everyone else I don't know how anything can realistically beat them unless they make an enormous series of unforced errors