A few cold facts about the current situation of Pumpfun: one ⃣ The current $3 billion FDV overvalues the return of the Memecoin super cycle. However, given the structural changes in the cryptocurrency market cycle, on chain chip distribution, and CEX-DEX gaming environment, it is reasonable to conclude that the Memecoin super cycle will never come again. two ⃣ In July, the number of successfully launched memecoins by Pumpfun ranged from 58 to 119, while the number of newly emerged competitor Lets Bonk ranged from 21 to 282. Moreover, after July 5th, Lets Bonk has surpassed Pumpfun in terms of the number of successfully launched memecoins. three ⃣ In the same period of July, in terms of the daily deployment of memecoin, Lets Bonk has already shifted from eating away at Pumpfun's market share. Lets Bonk's market share has expanded from 6.3% on July 1st to 64.6% today, while Pumpfun's market share has decreased from 84.4% on July 1st to 24.5% today. four ⃣ Pumpfun, a Memecoin launch pad that combines the primary market of Bonding Curve with the secondary market of AMM DEX, is essentially just a "community coin issuance open source" version of Friend Tech. Therefore, its product lifecycle also inherits the characteristics of Friend tech: brilliant yet short-lived. At present, this product has entered a life stage where marginal cost is higher than marginal revenue, manifested as Pumpfun upgrading its narrative, launching PumpSwap, and utilizing airdrop expectations as a "carrot" 🥕 Encouraging the wool party to increase production still cannot change the declining trend of market contraction Coin issuance and harvesting is the Nash equilibrium point for Pumpfun team to achieve maximum profit. five ⃣ The ultimate goal of Pumpfun is the next Friend Tech. Run while it's still possible!