Solana is a sky-high price of 4 billion! Pump was surrounded by Bonk community: 700 million profits have not been returned. so I will raise another 1.3 billion to cut leeks? |SOL|Solana Ecological Civil War|Web3

## Solana is a sky-high price of 4 billion! Pump was surrounded by Bonk community: 700 million profits have not been returned, so I will raise another 1.3 billion to cut leeks? When the founder's former "every pre-sale is a scam" declaration collided violently with today's $1.3 billion ICO, the most profitable agreement of Solana is sliding to the brink of the cliff of trust. "**Every pre-sale is a scam**." In March 2024, Alon Cohen, founder of Pump.fun, wrote this sentence firmly on social media. Just 16 months later, he personally launched one of the largest token offerings in crypto history: ** raised $1.32 billion in financing at a valuation of $4 billion, and the team and early investors exclusively accounted for 33% of the token share. Ironically, just 48 hours before the start of the public sale, its platform's daily revenue plummeted by 92%, and its market share was overtaken by its competitor LetsBonk. The community angrily denounced the token allocation plan "narrow exploitation**". Is this capital feast that coexists with glamor and controversy a savior of the Solana ecosystem or the last wave of harvest in the bear market? --- ### 01 The King of the Bubble Fading: From the Peak to the Crisis, Pump.fun was the well-deserved wealth-making engine on the Solana chain. With the minimalist operation of "**One-click coin issuance**", it rose rapidly in early 2024, generating a total of more than $780 million in revenue, with a peak daily revenue of up to $7 million. However, glory is fleeting. Data for the summer of 2025 show: - The number of daily active wallets on the platform fell sharply, and ** daily revenue shrank by 92%** - Market share dropped sharply from monopoly to **39.9%**, surpassed by competitor LetsBonk - On-chain data shows that the number of new token creation has dropped by more than 60%, and users are accelerating the loss of users. It is against this background that Pump.fun has thrown out its "life-saving straw" - the issuance plan of 1 trillion PUMP tokens**. Calculated at the unit price of US$0.004, the project's full dilution valuation (FDV) reached US$4 billion, equivalent to 85% of the market value of Aptos, the leading public chain in Solana. Jocy Lin, partner at IOSG Ventures, hit the nail on the head: "When the business volume is only 1/3 of the competitors and the valuation is 1 times higher, this is no longer financing, but withdrawal from liquidity." ### 02 Battle of Token Economics: Game of Thrones behind the 4 billion valuation carefully reads the PUMP token allocation plan, and the root of the controversy surfaces: ``` ▣ The team accounts for 20% - $800 million worth ▣ Early investors are allocated 13% - $520 million worth ▣ Private equity + public equity account for 33% - $1.32 billion raised ▣ Community and ecological incentives are only 24% - and the details are vague. What makes the community even more indignant is that the ** team tokens are locked in only 1 year**, and founder Alon Cohen once publicly criticized "Pre-sales are a scam that allows the team to put funds into their pockets." Faced with the surging doubts, Pump.fun hastily launched a new narrative: "Our goal is to defeat Facebook, TikTok and Twitch on Solana". To this end, Alon announced four major strategic transformations: 1. **Reconstruct the creator profit sharing mechanism**, expand revenue sharing to CTO projects 2. ** Focus on live broadcast functions**, and innovate audience rewards and content monetization models 3. Acquisitions expand team size (the first acquisition will be announced soon) 4. Adjust the fee structure to improve the sustainability of tokens, but these blueprints failed to calm down their anger. Crypto researcher @rezxbt pointed out sharply on the X platform: "I earned $750 million in the past year but did not feed back to the ecosystem. Now I raise another $600 million. The essence of ** is a systematic harvest." ### 03 Capital Hunting Ground: Exchange’s gamble and player’s survival rules despite the controversy, the capital machine is running at full speed. On July 12th at 22:00 (UTC+8), the six major exchanges simultaneously launched a rush to buy **: - **Bybit**: The only support SOL, bbSOL, USDT, and USDC multi-chain subscription - **MEXC**: 10% off early bird price (limited) - Kraken, Bitget, Gate.io, and KuCoin simultaneous sales trends reveal the mystery: ```` ✅ Several crypto funds sold altcoins to raise funds ⛔ Binance and OKX were absent from the public sale, but Binance contracts were launched first on the PUMP perpetual contract ⚠️ Gate.io had temporarily removed the sales page, and there was doubt about the valuation ``` For retail investors, participating in this game requires actuarial risks: - **Opening circulation is 55%** (about US$2.2 billion in market value), benchmarking USD1 tokens - initial price anchored at $0.004, but the contract market has already traded at a premium - Short-term volatility amplifier: **Overbose signal CRSI is greater than 85**, profit selling pressure is about to hit a hit Professional traders are deploying hedging strategies: "Long PUMP futures + short SOL spot" combination betting platform recovery, or "Buy BONK + Sell PUMP" competition to kill arbitrage. ### 04 Life and Death Race: When Pump.fun meets Bonk Eco-Flywheel, the real threat comes from the outside. The BonkFun platform has built a self-enhanced "**Bonk Flywheel": ``` 50% repurchase and destroy BONK tokens → Push up the coin price to attract more creators → New token issuance feeds back the handling fee. What is more fatal is its ** cultural moat**: - The Chinese community has completely turned to BonkFun, contributing 30% of its new users - The positioning of "supporting the Solana ecosystem" has been deeply recognized by developers - 15% staking SOL enhances network security and forms a symbiosis of interests with Solana. In this regard, Bonk community leader Unipcs bluntly stated: "Pump.fun's TGE will become the catalyst for the **Bonk ecosystem**. When the valuation of US$4 billion sets off the absurdity of BONK's only 1.8 billion market value, the capital siphon effect will be reversed." The following table reveals the essential differences between the two major platforms: | **Core dimensions** | **Pump.fun** | **BonkFun** | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- **(1) Participate in channel selection strategy** Keep a close eye on the Bybit multi-chain entrance and give priority to bbSOL participation: enjoy the benefits of staking, and avoid SOL fluctuations and losses. Avoid U.S./UK IP restricted areas. **(2) Price anchor game** Private equity cost 0.004 USD builds a psychological bottom line, but beware: - If the opening price is greater than USD 0.008 (private equity income doubles), the selling pressure may be released in a concentrated manner - Short-term support level is $0.0035, breaking the level will trigger a stop loss wave** (3) Airdrop expectation hedging** Official claims that "airdrop is coming", but no detailed rules are clarified. **Historical data shows that **: - Pump.fun's top creators have a monthly income of over one million US dollars - If airdrops are distributed according to contributions, early active users may receive excess compensation - You can place high active creators tokens in small positions to indirectly capture the value of airdrops** (4) Ecological turning point monitoring ** Focus on three major signals: - **Live broadcast function has exceeded 100,000 per week** (currently less than 30,000) - **Quality of team acquisition case** (The first acquisition will be announced soon) - **Creator's profit sharing mechanism implementation progress** (Original Q3 launch) --- When an anonymous trader posted a screenshot of the $100,000 margin for shorting PUMP futures on Discord, Pump.fun founder Alon talked about the vision of "**burying TikTok** on Solana" in X Space. The crypto world has never stopped creating absurd contrast: this platform, which was accused by the community of "selling hundreds of millions of dollars in SOL to drain the ecosystem", is now carrying the banner of fighting against technology giants. “The core of the question is never whether the valuation of $4 billion is reasonable,” blockchain analyst @Michael_Liu93 wrote at the end of the tweet, “but whether we still believe in the revolution of the betrayer when the founder betrays his manifesto.” At this moment, $1.3 billion in capital has been piled up at the entrance of Solana, waiting for the gate to open on July 12 - is this the beginning of collapse or the starting point of redemption? The answer will be written to the blockchain with the code and will never be erased.