CoinVoice has learned that according to social media information, Jocy, founding partner of IOSG, believes that this public offering of Pump.fun is more like participants seeking exit liquidity, and is a highly speculative gamble. Jocy stated that since its launch in early 2024, Pump.fun has experienced explosive growth, accumulating protocol revenue of about $700 million, becoming one of the most profitable projects in the cryptocurrency field. However, Pump.fun's daily revenue has decreased by 92% from its peak, currently only around $500,000. The market value of the graduated project has dropped from several tens of millions of dollars to a freezing point of $50,000 to $100,000. Market share has also been overtaken by competitor LetsBonk (with a share of 51%), while Pump.fun has fallen to 39.9%. From the perspective of token economics and risk exposure, this ICO round targets retail investors (15%) and institutions (18%), with a total sale of 33% of tokens, corresponding to a financing amount of up to $1.32 billion. Along with past fee income, the http://Pump.fun team will hold nearly $2 billion in cash. This implies an extremely unfriendly risk exposure for public investors: · Governance structure is opaque: decision-making process is a mystery · Team/investor release terms are opaque · Overvaluation financing excessively overdraws future growth potential Jocy believes that the Pump.fun team has neither the willingness nor the ability to 'pump' or 'control' the market. They have already gained enormous wealth through transaction fees, and this ICO is more like the final 'realization of value' (Exit Liquidity). In the current market environment where buying pressure is severely insufficient, it is impossible to support such a high valuation. This is completely different from the valuation support logic of Hyperliquid. Jocy believes that this public fundraising is a highly speculative gamble, rather than a fundamental investment. The invested funds should be considered as risk capital that could be completely lost. The market's growth potential for meme launch platforms and altcoins has shown signs of fatigue. It is recommended that investors wait a week after the token begins trading on the open market before making a decision, to observe the real market reaction. [Original link]