Pump Fun focuses on the creator economy, introducing live-streamer tokens. LetsBONK cozies up to the Trump family, launching the USD1 trading pair. Everyone has a bright future ahead. Live-streamer tokens are, in a way, the reverse of celebrity tokens—let’s call them 'underdog tokens.' Pump Fun’s creator incentives are more friendly to low market caps. Most streamers were nobodies before joining Pump’s live-streaming platform, so instead of focusing on pumping the market cap, it’s more cost-effective to maintain trading volume within a higher market cap range to continuously collect transaction fees. This makes it hard for high-market-cap tokens to emerge. Plus, attention is easily diverted to new streamers, ultimately bringing it back to PvP time. The secret behind LetsBONK’s sudden spike in graduation rates lies in slashing the graduation market cap. The graduation market cap for its USD1 trading pair dropped from $100,000 to $60,000, leading to a significant resurgence in the number of LetsBONK tokens being created. The market share of graduated tokens also surged to around 40%. Of course, the downsides are obvious: initial liquidity has become shallower, and Rug pulls have become more frequent...