On July 10, IOSG founding partner Jocy posted on social media that he believed that this Pump.fun public offering was more like withdrawing liquidity from participants and was a highly speculative gamble. Jocy said that Pump.fun has experienced explosive growth since its launch in early 2024, with cumulative agreement revenue reaching approximately US$700 million, making it one of the most profitable projects in the cryptocurrency field. However, Pump.fun's daily revenue has dropped 92% from its peak and is currently only about $500,000. The market value of graduation projects has dropped from tens of millions of dollars in the past to a freezing point of US$50,000 to US$100,000. Market share has also been overtaken by competitor LetsBonk (51% share), and Pump.fun has dropped to 39.9%. From the perspective of token economics and risk exposure, this round of ICO is open to retail investors (15%) and institutions (18%), and a total of 33% of the tokens have been sold, with a corresponding financing amount of US$1.32 billion. Coupled with past fee income, the Pump.fun team will have nearly US$2 billion in cash on hand. This represents a highly unfriendly exposure for public investors. Jocy said he believed that the Pump.fun team had neither the will nor the ability to "pull" or "control" the disk. They have already made huge wealth through fees, and this ICO is more like the ultimate "Exit Liquidity." In the current market environment where buying is seriously insufficient, it is simply impossible to support such a high valuation. This is completely different from Hyperliquid's valuation support logic. Jocy believes that this public market fundraising is a highly speculative gamble rather than a fundamental investment. The money invested should be venture capital that can be completely lost. The market has shown signs of fatigue about the growth potential of the Meme launch platform and altcoins. Investors are advised to wait for a week after the tokens are traded on the open market before making a decision to observe the real market reaction.