Pump.fun, the meme coin launchpad that became crypto's printing press, is now eyeing a $4 billion valuation. But with the meme market cooling and liquidity drying up, does this valuation hold water? As a former hedge fund quant now analyzing blockchain economics, I break down the numbers, the narratives, and the questionable直播 stars driving this controversial platform. From 8x P/S ratios to Gainzy's ETH rants, we examine whether Pump.fun can evolve beyond being just a bull market phenomenon.