BitMart: Pump.fun's $4B valuation is overblown — PUMP token lacks utility!
BitMart Research points out:
Pump.fun’s $4B valuation is excessive, especially amid declining market share and rising competition
PUMP token offers no governance, no revenue sharing, no utility — it's running purely on brand hype
Once the darling of the meme coin launch trend, Pump.fun may now be facing its ceiling — both in model and momentum.
