Seeing that http:/Pump.fun is seeking to raise $1 billion with a $40 billion valuation, it's a mixed feeling. It's hard to imagine that a MEME launch platform's valuation would surpass most DeFi blue-chip protocols. Is this sky-high valuation reasonable? Here are a few perspectives: 1) Overly Inflated Market Valuation is Unreasonable From the data, http:/Pump.fun is indeed the biggest beneficiary of this MEME super cycle, with monthly revenue peaks reaching tens of millions of dollars - a wealth-creating effect that would be phenomenal even in traditional internet. However, http:/Pump.fun's attention economy is dependent on the short-term, irrational FOMO of MEME coins. Essentially, it's monetizing traffic driven by "gambling" instincts. This means http:/Pump.fun's business model's monetization capability is purely a product of short-term market spotlight, not a sustainable normalized profit logic. Based on this, is a $4 billion valuation reasonable? This pricing far exceeds most DeFi blue-chip protocols, making it hard to imagine a platform mocked for "cutting leeks" would overshadow innovative blue-chip protocols. Once the MEME craze subsides or the market returns to rationality, http:/Pump.fun's revenue model would instantly collapse. 2) Fragile Business Moat Easily Overtaken http:/Pump.fun's success seems accidental but was inevitable, capturing Solana's high-performance, low-cost technical dividend and the MEME culture's transition from niche to mainstream. But how deep is this "first-mover advantage"? Technically, similar launch platforms can be quickly replicated; operationally, MEME launch platforms are essentially traffic businesses, with extremely low user migration costs if hot spots shift or regulations tighten. More critically, http:/Pump.fun is highly dependent on the Solana ecosystem. If significant changes occur in Solana, its business model's fragility will be exposed. A business model built on others' infrastructure is essentially "living under someone else's roof", especially with such high unsustainability - how could it support a $4 billion independent valuation? 3) Launchpad's Tool-like Attributes Struggle to Create Ecosystem Currently, http:/Pump.fun is just a "coin issuance tool" making money, but to support a $4 billion market valuation, it would need a massive MEME economic ecosystem. Knowing it's impossible yet still attempting it, it's hard to imagine the purpose behind raising $1 billion. Transforming from a pure Launchpad to a complex MEME economic ecosystem inherently contains a paradox: MEME culture's core is simplicity, directness, and viral spread. Excessive functional layering would only make the platform lose its original "wildness". 4) Extremely High Valuation May Distort Value Innovation System http:/Pump.fun's ultra-high valuation sends a dangerous signal to the entire industry: in the current Crypto ecosystem, "traffic aggregation + speculative monetization" might be more valuable than "technological innovation + infrastructure". When creating gambling platforms becomes more profitable than promoting technological innovation, who would still invest in infrastructure? It's hard to imagine what catastrophic industry chain reactions this new value orientation might produce. Overall, http:/Pump.fun's token issuance is both a sign of MEME economy's maturity and potentially a signal of industry value collapse. The key is whether it can truly build a sustainable business moat after obtaining massive capital, or this abnormal valuation will bring massive innovation disasters to the entire industry.

Yes, it is very traditional. If we have to talk about sustainability, we probably have to follow the CEX approach. But there is no competitive barrier on the chain.

All the leeks should resist this malignant project and resolutely not buy this coin.

I calculated the PS multiple of a pump, you can see it