Report: PUMP's valuation of 4 billion is too high, supported only by brand effect

On July 15, BitMart Research released an analysis report pointing out that although Pump.fun was once an industry leader, its $4.000 billion valuation seems too high, especially against the backdrop of declining market share and increased competition. The $PUMP token lacks governance rights, revenue sharing, or practical functions, relying solely on brand effect for support. [Deep Tide TechFlow]