On July 10th, IOSG Ventures partner Jocy published an article pointing out that while Pump.fun once created a brilliant protocol revenue of $700 million, recent data shows that its daily revenue has plummeted by 92%, and its market share has dropped to 39.9%, surpassing its competitor LetsBonk. Analysis points out that this round of ICO with a valuation of $4 billion has serious problems: opaque governance structure, unclear team release terms, and excessive overdraft valuation in the altcoin downturn cycle. The team has obtained huge wealth through handling fees, and this ICO is more like an "exit liquidity" than a long-term development plan. It is recommended that investors: 1. Regard this as a highly speculative gamble, not a fundamental investment; 2. Patiently wait for the token to be listed for a week before making a decision; 3. Adopt a batch participation strategy to reduce risk exposure [Deep Tide TechFlow]