The Trenches Are Boycotting Pump .fun. The Register Still Rings. Who Wins, And Who Pays, In The #BOYCOTTPUMPFUN Week The trenches are angry. The revenue is a little lighter. And Pump .fun just put $2.5M on the table to bring everyone back. ---------------------- #BOYCOTTPUMPFUN went from 9 posts on Oct 20 to 1,067 on Oct 24. The spark was Kimchi, the trader Pump .fun signed as a partner on Oct 20. Two days later his account posts a QR code to a fresh coin, "Project Kimchi". Alon, Pump .fun's co-founder, reposts it. Lookonchain: $14M market cap, then down more than 95%. Repost undone, post deleted, and wallets that bought early walked away with over $385K. One day later, Pump .fun announced a $2.5M Squads Competition. So what is the boycott actually costing them? 👇 🔹The Numbers🔹 From DefiLlama: ▫️ Pump .fun launchpad revenue, Oct 20: $1.61M. Oct 24: $1.15M ▫️ Lowest day in three weeks. But it was a Saturday, and the Saturday before did $1.29M ▫️ Whole Pump group, last 7 days: $13.27M in revenue ▫️ Still about 74% of all launchpad revenue DefiLlama tracked last week ▫️ $5.94M spent on $PUMP buybacks in those 7 days A dent. Not a break. 🔹Read The Fine Print🔹 Winners are ranked on realized plus unrealized PnL. Only trades on the Pump .fun app, web and Terminal count. Perps don't. Since Oct 16, trades on the app and web carry a 0.45% platform fee. So the prize pool sends volume straight through the door with the toll booth. $2.5M is roughly 1.3 days of group revenue. Unrealized PnL also rewards whoever can mark a thin bag up on paper before the final bell. Bundlers do that for a living. Pump .fun says it will watch the leaderboard for gaming. Alon calls it "not finance, it's entertainment." Entertainment with a 0.45% cover charge. 🔹Who Wins, Who Pays🔹 ▫️ Pump .fun: more app volume, more fees, buybacks keep running ▫️ The treasury: Lookonchain counts 5.48M $SOL sold so far, about $875.5M ▫️ The top 3 squads: $1.5M, $750K and $250K, after KYC ▫️ Big wallets and bundlers: unrealized PnL is a game they already play ▫️ Referrers: Alon says they keep 100% of the platform revenue their friends generate ▫️ Retail: pays the fee and supplies the PnL 🔹Actionable NFA for Wise Investors🔹 📝 Track DefiLlama's daily revenue until the competition ends on Nov 9. Compare weekdays with weekdays, not with Saturdays. 📝 $PUMP sits near $0.0042, about $1.93B market cap, more than 50% below its Sep 2025 high. Buybacks are the bid. Watch them weekly. 📝 If you join a squad, open the holders tab first. A coin where one wallet holds half the supply is a leaderboard, not a market. 📝 Never buy a coin because a founder reposted it. A repost can be undone. Your buy can't. My thesis strengthens if weekday revenue holds above $1.3M while the hashtag keeps trending. It weakens if daily revenue keeps sliding after Nov 9, once the prize money is gone. Boycotts trend for a week. Fee switches run for years. Is #BOYCOTTPUMPFUN a real threat, or just the trenches venting between trades?