User retention is the only metric that matters in a bear-to-bull transition. @Pumpfun just set the gold standard. The platform has maintained a consistent monthly floor of 2.3M recurring users for nearly a year. We are seeing a massive shift in user composition: > June 2025: 50% of total users were new. > April 2026: 27% of total users are new. Which isn't necessarily a bad thing. While the "New User" percentage dropped, the total count of recurring users rose. Sticky product textbook definition. The initial wave of tourists has been replaced by recurring users who have integrated the platform into their day to day. That’s clear PMF + a dominant moat. Data: @Adam_Tehc, @Dune.
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