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IOSG Founding Partner: The Pump.fun public sale seems more like the team seeking liquidity exit, with the project and market fundamentals unable to support the inflated valuation.
BlockBeats News, July 10th, IOSG Founding Partner Jocy posted on social media, stating that he believes this Pump.fun public sale is more like using participants as exit liquidity, constituting a highly speculative gamble.
Jocy stated that since its launch in early 2024, Pump.fun has experienced explosive growth, with a cumulative protocol revenue of about $7 billion, becoming one of the most profitable projects in the cryptocurrency field. However, Pump.fun's daily revenue has dropped by 92% from its peak, currently standing at only about $500,000. The project's market cap has plummeted from tens of millions of dollars in the past to a rock-bottom $50,000 to $100,000. Its market share has also been surpassed by a competitor, LetsBonk (with a 51% share), causing Pump.fun to fall to 39.9%.
From a tokenomics and risk exposure perspective, this ICO round targeted retail investors (15%) and institutions (18%), selling a total of 33% of the tokens, corresponding to a funding amount of $1.32 billion. Considering past fee revenues, the http://Pump.fun team will hold nearly $2 billion in cash. This poses an extremely unfriendly risk exposure to public investors:
· Lack of transparent governance structure: Decision-making process is a mystery
· Team/Investor release terms are opaque
· Overvalued financing has overdrawn future growth potential
Jocy stated that he believes the Pump.fun team has neither the intention nor the ability to "pump" or "control" the price. They have already amassed a huge fortune through fees, and this ICO is more like a final "value realization" (Exit Liquidity). In the current market environment with severely insufficient buying pressure, such a high valuation simply cannot be sustained. This is completely different from Hyperliquid's valuation support logic. Jocy believes that this market public fundraising is a highly speculative gamble, not a fundamental investment. The funds invested should be risk capital that can be completely lost. The market's enthusiasm for meme launch platforms and shitcoins has shown signs of fatigue. Investors are advised to wait for the token to trade on the open market for a week before making a decision, observing the true market response.
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