1. The 'exploitation game' of token economics

Amid the seemingly glossy distribution of 1 trillion PUMP tokens lies a deadly trap:

1. 40% internal control: team 20% + investors 13% + foundation/ecosystem funds nearly 7%, with controlling chips highly concentrated

2. Retail investors become clear targets: 33% of private and public offering tokens unlocked on the first day, while team lock-up terms have yet to be disclosed

3. Pricing truth: the uniform selling price of 0.004 USD seems fair, but the project party has previously made 750 million dollars through transaction fees

The comments from crypto researcher Eugene are incisive: "This is a systemic exploitation" - the community contributed real money but received less than 25% of the leftovers.

2. The three major explosion points of declining fundamentals

(1) Earnings collapse-style plummet

Peak daily income of 7 million USD in January 2025 → Recently plummeted to 500,000 USD (a drop of over 92%)

Data platform DeFiLlama shows: After the Meme craze on Solana chain recedes, the platform has become a source-less water

(2) The moat has long collapsed

So-called technical barriers have been directly breached by competing product LetsBonk, with market share being overtaken

An emergency recruitment of 50 team members and testing of AMMs confirm: the project party has fallen into a panicked transformation

(3) Trust crisis erupts

IOSG founder Jocy bluntly states: "This is using participants as exit liquidity"

Community consensus disintegrates: users have experienced countless 'token launch equals zero' projects, with stickiness approaching zero

3. The capital game under absurd valuations

Even borrowing the liquidity spring breeze from Bitcoin breaking new highs:

600 million USD in public offerings + 700 million in private placements vs. current daily income of 500,000

Meme market struggles to return to its peak vs. the heavy operational costs of a 70-person team expansion plan

The project party's label of 'earning enough to exit' vs. retail investors' fate of being 'bag holders'

When 1.3 billion dollars in real money is thrown at a project with no technical barriers, no user loyalty, and no growth narrative, is this an ICO or a large ATM?

Summary: Not even dogs want to play!

When industry KOLs collectively sing pessimism, when economic models are filled with greed, and when fundamentals completely collapse, so-called "layout opportunities" are essentially betting on who runs faster.
Harvesting the last batch of leeks on the corpse of Meme - this is the real script written outside the white paper by Pump.fun