Some unfiltered thoughts/opinions on the Pump Fun token:

Pump itself:
- Launching too late imo, affects optics/sentiment as fees are now grinding to a halt
- They made $738m in fees.. If some of this isn't distributed back to ecosystem incentives, idk what to say (feels like the antithesis of $HYPE on face value - but, benefit of the doubt until we get more details on tokenomics)
- They don't need to raise $1b (they already have $700m+!).. Massive overkill and clearly opportunistic

2nd order effects:
- Has *some* negative impact on $SOL (at least in the short term), as there will be some rotation into $PUMP - as many people used the SOL token as a proxy to get upside to the on-chain fee generation derived from Pump Fun
- However, this rotation likely becomes a "buy the rumour, sell the news" event, where the damage on SOL is priced in ahead of time
- SOL/ETH likely keeps reversing as a result (although it is at support rn), and there is some front-running of other alt L1s
- This is arguably a good thing for the market (I made a lot of money on the SOL eco, but imo $ETH/ETH eco pumping tends to be a lot better for the space (due to wealth effect) + Solana is incredibly PvP/rotationary and has been for quite some time).