“IOSG: PUMP Valuation Breakdown—On-Chain Data Refutes the ‘Volume Washing’ Theory; Where Does the Real Discount Come From?” (Author: Max Wong) Since the TGE, Pumpfun has roughly $1 billion in cash reserves and continues to roll out new product lines. In a natural market, the trading volume of Launchpad and PumpSwap should be positively correlated, with a time lag. Active Launchpad means there is genuine speculative interest. Some funds flow into PumpSwap through a graduation mechanism, which supports trading after the listing. If there is severe wash trading, Launchpad trading volume will be artificially boosted, and the token will complete graduation based on fabricated curve activity, with no real buyers when it enters PumpSwap. The result is a spike in Launchpad volume while PumpSwap volume stays flat or even declines, causing correlation to approach zero or turn negative. Read more: