it's just a trade bros, it's not that deep. i understand most of the takes you see on CT nowadays come from people who haven't actually taken a position in months, but some of us still trade lol

I'm probably the last person you'd expect to write a bullish solana:CSocnzcRpgSCr1naKcNTieWZUxb6rABe45j844m7pump thesis, but here we are. I still stand by every word of my Pumpfun rant, but I also think there's a pretty compelling trade here. For all my criticism of the company, one thing I've never questioned is their ability to capture attention, manufacture demand, and turn both into market share. The way I see it, solana:9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump was effectively their first test run at turning a recognizable CT personality into a memecoin with a much broader audience. And I'd be very surprised if they haven't spent the last three months studying every aspect of that launch, from the initial distribution to the PA, the marketing, and ultimately where things went wrong. Now they're running what looks to me like a much more ambitious version of the same playbook. solana:9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump launched with around 60% of the supply controlled, while $KIMCHI started at 75%. Looking at the first two candles, I suspect the actual supply control is even higher. That obviously comes with considerable risks, but it also means the effective float is exceptionally thin, somewhere around $2M. Obviously, that can end very badly if the wrong wallets start selling. But if the intention is to run this substantially higher and onboard normies, they've given themselves a damn good setup. And unlike Ansem, Kimchi has an audience that extends beyond CT. Whether we like it or not, he's become a recognizable face of memecoin trading to an entirely different demographic. Which brings me to the interesting part. Pumpfun is clearly trying to make Kimchi the face of its next wave of retail onboarding. They're putting him on billboards, running ads around him, and selling millions of people the dream of becoming the next Kimchi. Their entire marketing campaign revolves around this one guy. I find it hard to believe they'd spend millions building a campaign around him, maintain a direct relationship with him, and somehow be completely indifferent to what happens to the coin associated with him. Especially when a successful run would arguably do more to sell that dream than any billboard ever could. Of course, none of this guarantees they'll actually support the coin. But given the amount of money and attention they've committed to making Kimchi their poster boy, it's a possibility I'm willing to bet on, especially with an estimated effective float of just $2M. I still think pumpfun is terrible for the space. I also think they're very good at what they do. Sometimes the best trades are the one that forces you to put your own biases aside.

Pumpfun has officially lost the plot. I'm not sure what their endgame is here, but I know for a fact that nobody is going to read “Be the next Kimchi” and suddenly feel an overwhelming urge to sign up for Pumpfun and start buying shitters. I never thought we'd reach the point where this needs explaining, but absolutely nobody outside CT knows who Kimchi is. And a good chunk of CT knows that the whole “made $40M trading Trump” story is straight up larp and what he was actually doing, was deploying and rugging coins 24/7. The fact that, out of every ace this multibillion-dollar company could have up its sleeve, they chose to make Kimchi their poster boy speaks volumes about how out of touch they are with the space, the community that made them what they are, and the outside world as a whole. I'm telling you, there isn't a single normal adult who wakes up in the morning wanting to “trade internet trends.” Not a single one. Because what the fuck does trading internet trends even mean? These guys made their bread from memecoins, and whatever name they built for themselves in this industry was a direct consequence of coins that actually went somewhere. Pumpfun wouldn't have taken off the way it did without Sharkcat, and it wouldn't have captured the market share it did during AI season without GOAT and Fartcoin launching there. People buying “internet trends” with a lifespan of 24 hours, only to get thrown into endless PvP against increasingly sophisticated players across a dozen different pairs, is precisely why Pumpfun struggles to break into the mainstream and onboard retail that actually STAYS. And these absolute idiots have somehow decided to make that their entire selling point. You genuinely couldn't make this shit up. The average person Pumpfun is supposedly trying to onboard is drowning in bills, trying to make ends meet, and navigating a society that's becoming increasingly isolated. He doesn't give a fuck about speculating on internet trends. He probably doesn't even recognize most of them. What he wants, whether he realizes it or not, is to feel like he belongs somewhere. A place where he can make internet friends who share his humor, aesthetics, and beliefs. Somewhere he can log in after a shitty day, talk shit with like-minded people, and actually feel like he's part of something. A fucking community. And the funny thing is that memecoins, of all things, can genuinely provide that. I think people massively underestimate how many guys are sitting at their desks right now, aimlessly scrolling the internet, who would happily spend money to be part of an online community where they can make friends, share jokes, and rally behind something together. Take NEET, for example. I'm convinced that if you explained the whole “not open to work” movement to a thousand normies, a surprisingly large percentage would find the idea of joining a global community of people who share that attitude genuinely appealing. Now imagine telling them there's also a coin attached to that movement, and that if enough people rally behind it, they can potentially make money together. That's a much easier sell than asking them to gamble on whichever celebrity happened to tweet something stupid fifteen minutes ago. And it's not just NEET. Think of all the internet subcultures, recognizable characters, aesthetics, and movements that people can actually identify with. Things that give someone a reason to hold a coin, talk about it, make content around it, and bring their friends into it without needing a new catalyst every six hours. That's how you build something that lasts. Instead of building their campaign around any of that, Pumpfun decided to spend millions telling people they could become the next Kimchi, a complete nobody to the audience they're supposedly trying to attract, and inviting them to gamble on internet trends. They actually spent millions of dollars on this stunt. It's genuinely incredible how disconnected they've become from reality, their own customer base, and seemingly basic common sense. My father used to always tell me to never attribute to malice what can be attributed to stupidity. And I'd genuinely love to attribute Pumpfun's incompetence to stupidity, but that's not the case here. They've made hundreds of millions from coins that people actually wanted to own. Coins that went to hundreds of millions in market cap, made entire communities rich, and brought thousands of new people into the ecosystem. They know this model works because it's the very model that made them rich. But if having everyone PvP the same Elon tweet through twelve different pairings and launch modes means they can squeeze another 10% out of trading fees, I'm increasingly convinced they'll happily sacrifice everything else to get it. And at this point, it's becoming pretty difficult to pretend otherwise. I think there are fatigue signals everywhere, and every day we're getting a little closer to the end of the Pumpfun dynasty despite a bunch of terminal badges trying day and night to convince you otherwise. Someone will eventually build a place where people actually want to stay, where communities are worth more than the fees generated from destroying them. And when that happens, I genuinely don't think Pumpfun will understand why everyone left.

Fun fact: When artificial-inu-3:native was trading at $350M, the highest value of NVDA holdings across its pools and vault was $2.3M. Now that it's trading at $70M, it still holds around $1.59M worth of NVDA. The dog is down 80% from its peak, yet its NVDA holdings are down only 30%. Pretty insane how robust this mechanism has proven to be through all the buying, selling and volatility. Now think about what happens when the dog starts running again. If the current ratio holds, by the time artificial-inu-3:native revisits its ATH, it could be sitting on over $7M worth of NVDA. At $1B, that number would be north of $22M. And there's something about giving CT an absolutely ridiculous target to rally around. $SPX set out to flip the stock market. Never happened, but the coin still went to billions. $WIF's run really took off when the community decided to put a dog wearing a hat on the Las Vegas Sphere. Never happened either, but WIF still went to $5B. $GOAT wanted to make an AI a millionaire. Somehow, CT actually made it happen and sent the coin past $1B in the process. And now we have an artificial dog slowly accumulating Nvidia stock with the ultimate ambition of getting itself a board seat. Another completely unhinged target, except this one has an actual mechanism working towards it with every trade I don't think you guys are remotely prepared for how far this joke can go.

OK I really fw this concept. Apparently you can now bring any existing pumpfun coin to @souvenirfinance and have its trading fees fund prizes ranging from cars to Pokémon cards. A new twist in our existing ponzis that could make a lot of coins feel "complete." Imagine pairing $FTR with an actual Roadster, $FONE with Seeker phones, or idk, $ANSEM with Uber Eats gift cards. I kinda see the vision.

What a time to be fully allocated in the world's least essential financial instruments

woke up to a bunch of duve tweets saying “I might rob everyone onchain but that doesn't mean I deserve to get robbed irl!!!” let me break this down to you like you're a monkey YOU choose to dox yourself and bundle 40% of pumpfun coins, which you then dump on unsuspecting buyers (this is where you make ALL your money btw) you could get a normal job, start a business, learn an actual skill, etc but YOU choose to make a career out of being the entire holder distribution of a pumpfun coin the problem is you think being good at extracting money from people onchain somehow makes you a good trader, and when people point out what you're doing you cry and bitch on the tl you're a grifter, you will never feel genuine fulfillment, and the best advice i could give you is to touch a dumbbell and go do some charity work or something

Never seen a company so committed to making its own industry look uninvestable

I think this flush is very much needed. A ridiculous amount of slop and outright larps went way too high, way too fast. We're now in the phase where everything that had no business going up in the first place comes tumbling down and never recovers. Meanwhile, the 5-10 coins that actually matter, the eventual big winners of this cycle, will gradually start moving higher while everyone else is still licking their wounds. I expect the onchain bottom to be in by next week and the golden bull to resume shortly after.

Crypto people should NEVER dox. Every time I see a video like this, I'm overcome by an overwhelming sense of disgust that I share an industry with these people. At least when you guys hide behind avatars, I can imagine you're somewhat cooler than whatever the fuck this is. The complete absence of self-awareness, taste, or even a shred of dignity is really fucking hard to watch. We really need to bring back anonymous internet culture because this is cringe as fuck.

it was beautiful while it lasted

I have a master's in CZ psychology and I just know this mf is gonna reply with a "🤣" under one of Cao Zhen's posts in the coming days, knowing full well it'll bring some extra volume to the yellow chain, and then act completely clueless about it.

Couldn't pass up the chance to bid the state's biggest enemy in this dip

Back in my day, if a delusional president called you an “enemy,” you bid the fuck out of whatever he was talking about. You certainly wouldn't 't panic sell it.