CoinWorld news, on July 10, IOSG Ventures partner jocy pointed out that although Pump.fun once achieved a glorious $700 million in protocol revenue, recent data shows its daily income has plummeted by 92%, and its market share has dropped to 39.9%, surpassed by competitor LetsBonk. Analysis indicates that this round of $4 billion valuation ICO has serious problems: governance structure is opaque, team release terms are unclear, and there is excessive overvaluation during the down cycle of altcoins. The team has amassed enormous wealth through transaction fees, and this ICO seems more like an 'exit liquidity' rather than a long-term development plan. Recommendations for investors: 1. Treat this as a highly speculative gamble, not a fundamental investment 2. Be patient and wait for a week after the token goes live before making decisions 3. Use a staggered participation strategy to reduce risk exposure.