As Brave decided to stop their referral program, it is time to wonder if BAT will pump or dump:

1) Brave Browser got 20M monthly active users, and the remaining potential is huge 

2) As of today, the circulating supply of BAT is 1,486,868,945.00 which is pretty close to the total supply of 1.5 billion, and hence the increasing number of active users will pump the price due the Brave Rewards mechanism

3) Ethereum network fees have decreased, what benefits to all ERC20 tokens 

For these reasons, BAT will likely go higher.