Giving a pump devil's advocate bear case bc I've generally explained the bull case from a judeo-asian perspective. 1) Mkt share is imploding. Bonk is graduating at 4x the rate per day. What was 95% pump's is now under 50%. This sometimes reverses, but usually implies something more fundamental is wrong. You may say Bonk's graduations are inorganic. I'd say a rose smells like shit is still a flower etc. 2) Everyone nuking out the priv round means there's some serious fud. This is completely abnormal and out of character for normal funds to do. They basically facilitated a giant wealth transfer from retail to institutional flippers. Why was this step necessary? 3) Solana eco hates them. Why is it so hard to hold 50% of the sol you earn in fees. It is actually going up anyway, so not only are they greedy but they're greedy in a retarded way. SOL is now well above their average sell price. Instead of finding synergy, they decided to compete w/ Raydium to verticalise the business and the irony may be LaunchLabs -> LetsBonk is what ends up killing them. L1? Pump needs Solana far more than Solana needs Pump. 4) No tier1 CEX listings likely means they literally don't know how to do business.(Zhu Su)