Pump fun charts aren't looking great. Down & to the right. Sentiment in the gutter. At the same time: 1. Pump fun has done 88% of Solana's revenue year to date (base fees + priority fees). It's trading at a 99% discount to SOL. 2. Pump fun is the only protocol with a full stack offering for new token launches (interface, bonding curve, DEX, mobile app, social elements/livestreaming) 3. Pump has a massive war chest ($1.3b +) 4. Pump has product market fit in a high-growth market (memecoins + $191b creator economy) 5. Pump has a young, competitive team that has shown the ability to execute fast 6. Pump has a big vision to build social/consumer app that is disruptive to the current social/consumper app business model (monetization for creators via tokens) 7. Pump has controversy. Counterintuitive, but you always want to see this. --- Is Pump fun the consumer/social app we've been waiting for? We shared a memo on PUMP with readers of @the_defi_report today The full report breaks down the business model, addressable market, token economics, fundamentals, competition, team, investors, risks, etc. Access it below 👇

Here's the link to the memo: