X @王小二

Market Dynamics - Initially, there was criticism regarding Pump's potential public offering at a 4 billion USD fully diluted valuation (FDV), but at that time, Pump was considered the leading launchpad with a daily revenue exceeding 1 million USD [1] - Bonk's emergence has significantly impacted Pump's market share, becoming the new leading launchpad, while Pump's daily revenue has decreased to 500 thousand USD, half of Bonk's revenue [1] - The situation indicates Pump's potential lack of sustainability, suggesting that with sufficient investment, Pump's position is not irreplaceable, and the long-term viability of the launchpad sector is questionable [1] Investment Analysis - There was an intention to invest 5 million USD in Pump at a 4 billion USD FDV, based on the belief that it was a high-probability investment with limited downside risk [1] - The current sentiment towards investing in Pump has shifted, despite the planned public offering, due to the changed market conditions [1]