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PUMP token holders now find themselves in the odd position of hoping the money they just sent to Pump.fun will soon be returned to them.

That’s the mood on Crypto Twitter, at least, where influential accounts keep pointing to Pump.fun’s estimated $2 billion cash pile as the bull case for PUMP (see here, here, here and here).

The problem, of course, is that token holders have no claim on that cash — even though they supplied most of it.

In IPOs, stock market investors send their money to a company in return for an owner’s claim on assets that’s roughly equivalent to the money…

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