From the perspective of data analysis, why is Pump Fun raising funds at a valuation of 4 billion FDV? The core logic is that Pump Fun has generated nearly $4 billion in realized profits for traders through a new token issuance Since the birth of Pump Fun, a total of 5593244 user addresses have traded tokens issued by Pump Fun (filtered out dust addresses and serial addresses with less than 10 transactions and only one-sided transactions): -Created 620 millionaires, approximately one in ten thousand -29.4% of the total user addresses have achieved profitability, with the widest profit range of 0-1000 US dollars, reaching 1222192 addresses, accounting for 21.9% -Just over 70% of the total user addresses have achieved losses, with $0-1000 being the widest range of losses, reaching 3534851 addresses, accounting for 63.2% -148 addresses incurred losses exceeding $1 million, while 4568 addresses incurred losses ranging from $100000 to $1 million (The specific profit distribution can be seen in the following figure or queried by Dune: https://(due. com)/queries/5294908) By estimating the median of the interval, the profit/loss range from 0 to $1k is 500, the profit/loss range from $1k to $10k is 5500, the profit/loss range from $10k to $100k is 55000, the profit/loss range from $100k to $1m is 550000, and the profit/loss range from $1m+is 1500000 Estimated total profit and loss The positive total profit is 13.603 billion US dollars, and the negative total loss is 9.796 billion US dollars Subtracting the two results in a total net profit of 3.807 billion US dollars Pump Fun generated a total net profit of approximately $3.807 billion for traders trading tokens issued by Pump Fun, which is the core factor supporting Pump Fun's valuation of $4 billion. In addition, Pump Fun has also created over 600 millionaires, which should be unparalleled in just over a year. However, it is true that the majority of people's losses have created a frenzy for a small group of people Of course, there is a logic behind the first level valuation, but whether anyone is willing to take on the second level is another question. It is generally believed that such a high valuation fundraising will drain the liquidity within the industry, especially after the loss of wealth effect. Recently, Pump Fun's reputation has also plummeted to freezing point If nothing unexpected happens, Pump Fun will raise 4 billion FDV next week and launch the Pump token at the end of the month. Other insider information for reference: The fundraising amount will be lower than the previously reported $1 billion by the media, and should be around $600 million; New PUMP requires KYC, and some exchanges may choose to integrate it