Why do I think MNDE might To da moon?

I have been researching the governance token $MNDE of @MarinadeFinance recently and found that it is severely undervalued. Several key points make me feel that it could double soon, or even more.

1. The income is strong, but the coin price hasn't kept up.
Marinade earns nearly 9 million dollars a year, with total revenue exceeding 10 million dollars. However, the market value of MNDE is only over 40 million, resulting in a P/S (market value divided by revenue) of only 4-5 times.

Compared to other DeFi projects, many have hardly any income, yet their market capitalization has skyrocketed to hundreds of millions or even billions. MNDE is the opposite - it has strong earning potential, but the price hasn't reflected that. This undervaluation won't last long; once the market realizes it, the price could rise quickly.

2. Token buyback + burn, supply reduction
Marinade DAO has passed a proposal to use 40% of the protocol's revenue to buy back MNDE and burn it. Based on the current revenue, it is estimated that about 10% of the circulating supply can be burned in a year.

This is like a publicly listed company buying back its shares with profits, which provides tangible support for the coin price. With a decrease in supply and demand remaining the same or even increasing, it is naturally easier for the price to rise.

3. Institutional funds may be coming.
Marinade has been selected as the official staking service provider for the first Solana ETF in the United States, and BitGo (a large institutional custody company) has also integrated Marinade. This means that in the future, institutions buying SOL ETFs or staking through BitGo will indirectly drive the demand for MNDE.

Once institutional funds enter the market, the scale is completely different from retail investors, which may fundamentally change the landscape of this project.

4. Value Depressions in the Solana Ecosystem
Marinade's TVL (Total Value Locked) has long been maintained at 1.2 to 1.8 billion USD, but its market cap is only over 40 million. The market cap/TVL ratio is less than 0.03, far below that of similar projects.

Take a look at other projects on Solana with similar TVL, such as Jito and Raydium, their market caps have already skyrocketed. MNDE has not yet caught the market's attention, which could be an opportunity instead.

My opinion
I think the current situation of MNDE is very much like a spring; the longer it is compressed, the higher it will bounce. Stable income, buybacks starting, institutional entry, and extremely low valuation - these factors combined make doubling just the beginning.

Of course, the market has risks, and no one can predict it 100%. But from the data and logic, MNDE does have the potential to explode. I will keep an eye on it to see when the market reacts.

(Personal analysis, not investment advice!)😂