The news of raising the largest meme coin issuance platform in the industry, pu, mp.fun, a billion dollars at a 4 billion dollar valuation is no longer new. With the decline of meme coin mania and the lack of large market cap meme coins as before, there are widespread concerns in Chinese and English-speaking circles that the issuance of pu, mp.fun tokens will drain significant liquidity, believing this may temporarily conclude the meme coin trajectory.

As a virtual application layer leader in the cryptocurrency space, pu, mp.fun has served as a cash printing machine for a long time. However, with liquidity and narrative declining, pu, mp.fun is also seeking transformation, like learning from traditional internet platforms by cultivating the platform's original online celebrities. So, does pu, mp.fun still deserve a valuation of 4 billion dollars now?

Is the valuation of 4 billion dollars worth it?

The total historical revenue of pu, mp.fun is currently around 758 million dollars, making it one of the most profitable projects in Web3. According to defilama data, pu, mp.fun's revenue in the last thirty days was 41.61 million dollars. The projects with the highest revenues are either stablecoins and related entities (Tether, Circle, TRON) or decentralized exchange platforms (PancakeSwap, Hyperliquid), and there is no project in the Solana ecosystem that competes with it.

By calculating the annual revenue from the last thirty days' revenue * 12, it amounts to about 500 million dollars, which corresponds to a price-to-sales ratio of 8 times for a valuation of 4 billion dollars, which is not entirely unreasonable. Of course, market doubts relate more to 'pu, mp.fun cannot support this valuation now' rather than 'pu, mp.fun at its peak could not support this valuation.'

The revenues of pu, mp.fun fluctuate based on the overall popularity of the meme coin market. In mid to late November last year and mid to late January of this year, the 'new token graduation rate' for pu, mp.fun peaked at 1.67% and 1.62% respectively, which is double the current rate.

In parallel, the average daily revenue during these periods was at least 4 million dollars, equivalent to 3-4 times the current rate, with some days exceeding 10 million dollars. The daily number of new token releases was at least 50,000, which is double the current rate.

Whether pu, mp.fun chooses to issue tokens at its peak or now, it will definitely face criticism. If it was during the peak, the valuation would not be the same as it is now, and people will criticize it for destroying the meme coin bull market. On the other hand, if it is now, people will criticize it for adding fuel to the fire and depleting liquidity, making the already low meme coin market worse. But from another perspective, will meme coins be as hot as before? Or will they become stagnant like engravings? Moreover, bull markets have their ways, and bear markets have theirs. As a project, can pu, mp.fun's current actions in this terrible market environment show us hope for reviving the meme coin market and maintaining a trench to stay ahead when a potential bull market for meme coins returns?

(Translation continues in the same way for the rest of the text)

Ga, inzy initially gained fame after being provoked by $ETH and then went live, harshly criticizing Vit, alik and the entire Ethereum foundation as fools. This live stream occurred on May 8. Under the influence of this stream, ETH started to rise, and the English-speaking community jokingly said that Ga, inzy helped to stabilize ETH's bottom and saved Ethereum.

His live stream did not involve chain checks or attacking others, but rather he smoked cigarette after cigarette while sharing his views on cryptocurrencies. From his streaming style, he resembles 'a money-making CS:GO stream but still streams as a popular character.' With his growing popularity, even figures like the CEO of Pudgy Penguins, Luca Netz, and co-founder of Yuga Labs, Ga, rga.eth, reached out to him for live streaming.

The latest streaming star for pu, mp.fun is ras, mr_eth. Like Ga, inzy, he is a major KOL with nearly 110,000 followers on Twitter and over 10,000 followers on Twitch. He started creating a buzz, held a press conference like Jobs, and detailed why he brought his talents to pu, mp.fun.

Rasmr once exceeded a market cap of 15 million dollars, but it has now dropped below 6 million dollars.

There are rumors that pu, mp.fun paid Gai, nzy and Rasmr to stream on its platform. While this is unconfirmed, pu, mp.fun's focus on streaming can be seen from the million-dollar streaming incentive program that started in late May.

In addition to these streaming stars, $House that surged significantly in late April also brought new influencers like Fa, pital3, bigtone and bigtone, and Primed25. In the previous 'meme war map', neet, which currently has a market cap of less than 5 million dollars, was included specifically due to the strong support from these three. The currency once surged to nearly 25 million dollars in market cap.

This year, many Web3 streaming platforms have emerged, but pu, mp.fun is undoubtedly the most popular among all Web3 streams. While people's impressions may still be of pu, mp.fun's chaotic streaming era, the current pu, mp.fun seems to be trying to move beyond the early rapid growth phase and is intentionally working on developing its traffic matrix system. It's even creating a sense of PVE, where large coins like $FARTCOIN with a market cap over a billion dollars interact frequently with smaller coins like neet and chillhouse with less than 10 million dollars, and communities are remarkably united without conflict.

(As of the time of writing this article, the market cap of $chillhouse exceeded 10 million dollars and once approached 18 million dollars)

It seems that the founder of pu, mp.fun, Alon, has paid great attention to these coins that exhibit different characteristics. In an interview with decrypt, he specifically mentioned $neet, where the currency used creator platform incentives to organize a 'no work' protest on Wall Street. After the official Twitter account of the currency expressed gratitude, Alon retweeted.

Chillhouse swept pu, mp.fun's live stream and KOL messages on Twitter with the viral slogan 'What do you think of chillhouse?', becoming one of the most popular memes of pu, mp.fun recently - nonsensical, like a group of drunks scribbling in the street. Alon retweeted any.

#BinanceAlphaAlert #MarketRebound #NEWTBinanceHODLer #BinanceTGEXNY #IsraelIranConflict $BTC