What is the best explanation for why PUMP trades at like 2.3x revenue? It's one of the following, or a combination: • No one trusts the team/token holders lack clear rights • People know/assume the revenue isn't real • People assume the revenue isn't sustainable (this is now unlikely if the revenue is real) • The market is very wrong If you think it's the latter point, and have strong conviction/data that the market's concerns are unfounded, then it's probably the best opportunity in crypto at current prices (whether you like the business model or not).

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

One of the narratives I see people trying to push again on here is memes, and I'm seeing comparisons to 2023. I don't see that at all. In 2023 memes were a kind of reaction to the low float high FDV VC scams that had been forced on the market. They made "sense" as a counter movement to bring order and "fairness" (of course they weren't that fair) back to the market. It was also the first time the technology got good enough where anyone could create tokens with no real technical expertise and we had a proper scalable L1 in Solana for the first time, so we had a few things combining to create the conditions for an explosion. Look, I know memes will stick around in one form or another, and are kind of impossible to kill due to the lottery nature and return profile. There will always be a market for lotteries and hope (I'm not bearish Pump at these levels for this reason). But, there seems to be nothing new to the approach right now? People are citing that old memes will run again (conditions don't support this), and new ones are reliant on "attention", which is always fleeting. There are no new mechanisms here. We still haven't managed to nail social tokens as a result. Memes can have a run again in a new bull market if we have excessive liquidity, but this isn't a new narrative to dramatically usher in a new crypto bull run with new entrants. You can't continue to play the same game where the end outcome is known by all the existing players, with far fewer players and no new entrants, and expect different results. This is the definition of madness.

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

One of the narratives I see people trying to push again on here is memes, and I'm seeing comparisons to 2023. I don't see that at all. In 2023 memes were a kind of reaction to the low float high FDV VC scams that had been forced on the market. They made "sense" as a counter movement to bring order and "fairness" (of course they weren't that fair) back to the market. It was also the first time the technology got good enough where anyone could create tokens with no real technical expertise and we had a proper scalable L1 in Solana for the first time, so we had a few things combining to create the conditions for an explosion. Look, I know memes will stick around in one form or another, and are kind of impossible to kill due to the lottery nature and return profile. There will always be a market for lotteries and hope (I'm not bearish Pump at these levels for this reason). But, there seems to be nothing new to the approach right now? People are citing that old memes will run again (conditions don't support this), and new ones are reliant on "attention", which is always fleeting. There are no new mechanisms here. We still haven't managed to nail social tokens as a result. Memes can have a run again in a new bull market if we have excessive liquidity, but this isn't a new narrative to dramatically usher in a new crypto bull run with new entrants. You can't continue to play the same game where the end outcome is known by all the existing players, with far fewer players and no new entrants, and expect different results. This is the definition of madness.

Name & Symbol: memes will continue ($memes)
Address: 0xf74548802f4c700315f019fde17178b392ee4444

As much as I would like to believe this, it gets said every bear market, and it usually preludes apocalyptic price action. Only $HYPE and maybe $VVV ( don't know how defensible the revenue is) could conceivably decouple due to having a product with PMF, which isn't necessarily reliant on crypto speculation. The rest of the list will eventually feel the pain of BTC going down as the participants holding those coins will not hold if Bitcoin legs down further, and they lack external positive flows. Let's see what happens.

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

I'll address $GRASS again. From a fundamentals POV it continues to execute against the original vision and the revenue is huge relative to almost any other crypto project. There is a lot going right on the business side. However, I became insanely frustrated with their total lack of comms, which remains an issue. This makes it pretty much impossible for investors to do due diligence, so the token doesn't trade anywhere near where it would if they were communicating effectively with a regular cadence. This is fixable, but there seems to be a lack of urgency/willingness to do it. I'm unsure why. My best guess is that there is a bit of a naive fear of open comms as a crypto project because they work with legitimate AI labs and hyperscalers. It's also illiquid onchain, and there have also been no attempts by the Foundation to do anything about this. It could be a giant crypto project, if they actually want to embrace the crypto side of their business which makes their business possible in the first place.

Name & Symbol: Grass ($GRASS)
Address: Grass7B4RdKfBCjTKgSqnXkqjwiGvQyFbuSCUJr3XXjs

Great framework. $VVV chart came to mind as a perfect representation of this playing out. https://t.co/0Nw9FkHGLY

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf