$4 বিলিয়নের প্রশ্ন

যখন খবরটি ভেঙে পড়ল যে meme coin launchpad Pump.fund \(4 বিলিয়ন মূল্যায়নে তহবিল সংগ্রহ করতে চলেছে, আমার Python scripts অবিলম্বে সংখ্যাগুলি crunch করে ফেলেছে। প্ল্যাটফর্মের \)758M lifetime revenue (including $41.6M last month) suggests an 8x price-to-sales ratio - theoretically reasonable for Web3.

Revenue Rollercoaster

My DefiLlama dashboards show Pump.fund’s income fluctuates wildly with meme coin hype cycles. Peak periods like November 2023 saw 3-4x current daily revenues ($1M+ days), while ‘graduation rates’ for new tokens have halved since January.

Cultural Divide: East vs West

Chinese crypto circles debate whether Pump.fund’s token will drain liquidity or boost platform-themed memes (\(ALON, \)CUPSEY). Meanwhile, Western degens treat it as background noise while obsessing over personalities like Gainzy.

Platform Evolution: From Casino to Media House?

The real story isn’t valuation gymnastics but Pump.fund’s pivot toward creator ecosystems. Their \(1M livestream incentives birthed micro-celebrities like @rasmr_eth (whose token briefly hit \)15M cap) and nurtured oddball communities around coins.

Valuation Verdict

At 32, I’ve learned that in crypto, survivability trumps spreadsheets. While traditional metrics question this valuation, Pump.fund demonstrates rare adaptive instincts.