When Pump Fun was dominant in the past, I didn't feel it. Now that Solana Launchpad is in a frenzy, I increasingly realize that the coin issuance activity of Launchpad will profoundly affect its blue chip token and overall token price performance, especially for newer Launchpads. This effect will be more apparent 🤔 For example, Bags, which has recently seen a surge in coin issuances, has also shown a significant positive growth in the PnL of Bags token traders. Especially in the past 3 days, the daily PnL of 2 days has exceeded 1 million US dollars, indicating a good wealth effect; After LetsBONK was overtaken by Pump Fun, the overall ecosystem's tokens became weaker Behind Launchpad, most of them have their own communities and liquidity networks, but the preference of speculative investors is relatively low. Using terminal distribution platforms such as Axiom to circulate among these Launchpad tokens may play a driving role. As the number of coins issued by Launchpad increases, the probability of appearing on the terminal distribution platform is higher. The platform's popularity, liquidity, and funding increase, and funds will be active on the blue chip tokens of Launchpad, driving or at least supporting trading volume The temporary high point of the token may be when the number of coins issued or market share of Launchpad significantly declines. Generally, it may be due to the limited sustainability of homogeneous Launchpads, or differentiation by other narratives