The Let's $BONK platform generated 93,729 SOL in ~3 months.
But did you know that 7.6% of this revenue is used to buy back $GP, a 44m marketcap coin?
- $HYPE P/E ratio = 18.2× (adjusted)
- #Launchcoin P/E ratio =10.7×
- $GP P/E ratio = 6.62x (adjusted)
P/E adjusted for tradable marketcap based on @0xPicasso's post.
This makes $GP one of the most promising coins in the market.
The BONK team has so far accumulated 29K SOL to buy and burn $BONK (idk if they have done any of the buys and burns though)
Annualized, that's 156K SOL ($22M) used to buy and burn BONK
Assuming they gain market share and the onchain ecosystem starts going crazy, this could grow to a lot more
In addition to this, they've accumulated almost 9K SOL which is meant to be allocated to bonkSOL LST
So what's the story here?
@GraphiteProto is the company that built Let's Bonk and is also currently operating it.
They have an equity stake (according to rumors 40%) in the platform and get 7.6% of all fees generated.
In the last 2 months, they bought back ~3% of the $GP supply.
$GP dex now shows the correct market cap, only $38m…
This is a coin that owns 40% of @bonk_fun and receives 7.6% of their fees directly in buys.
Thats 6,544 sol so far. $1,000,000 in buy backs on a $38m market cap coin with a few M in liq.
Volumes only been high on @bonk_fun for a short period of time. Imagine if volume stays even somewhat close to what it’s been these past few days for a long period of time…the buy backs are going to be ridiculous.
Undervalued is an understatement imo.
What makes $GP interesting is LetsBonk's growth trajectory.
Not only are they growing in absolute numbers, but they are also killing it when it comes to market share.
They own ~74% of the launchpad market share on Solana.
according to data from Blockworks, BonkFun now has 73.76% of the launchpad market share
while Pumpfun has 24.17% of market share
this data shows that BonkFun's dominance of the launchpad market is even more impressive than originally reported
Blockworks' data is based on bonding curve volume and is a more accurate reflection of the true state of the launchpad industry
at least compared to Jupiter's dashboard which calculates 'market share' based on post-bonding volume of pairs launched a long time ago
e.g. Fartcoin's impressive on-chain volume is still being taken into account as part of Pumpfun's 'market share' to this date by Jupiter's dashboard
The winning launchpad pays 7.6% of its revenue to a midcap altcoin, which uses all its revenue for token buybacks.
This makes $GP a very interesting trade for me.
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