Some unfiltered thoughts/opinions on the Pump Fun token: Pump itself: - Launching too late imo, affects optics/sentiment as fees are now grinding to a halt - They made $738m in fees.. If some of this isn't distributed back to ecosystem incentives, idk what to say (feels like the antithesis of HYPE on face value - but, benefit of the doubt until we get more details on tokenomics) - They don't need to raise $1b (they already have $700m+!).. Massive overkill and clearly opportunistic 2nd order effects: - Has *some* negative impact on SOL (at least in the short term), as there will be some rotation into PUMP - as many people used the SOL token as a proxy to get upside to the on-chain fee generation derived from Pump Fun - However, this rotation likely becomes a "buy the rumour, sell the news" event, where the damage on SOL is priced in ahead of time - SOL/ETH likely keeps reversing as a result (although it is at support rn), and there is some front-running of other alt L1s - This is arguably a good thing for the market (I made a lot of money on the SOL eco, but imo ETH/ETH eco pumping tends to be a lot better for the space (due to wealth effect) + Solana is incredibly PvP/rotationary and has been for quite some time). - Still not bearish on SOL long term, too much traction/mindshare to ignore, just cognisant of the impact in the shorter term - arguably could be a buying opportunity if there is material weakness over the coming months