many have been asking why i've gotten so loud and vocal about Pumpfun and the $PUMP token recently, especially leading up to their TGE an event i will be referring to as 'the great extraction' going forward so i figured i should put something out especially since some have dismissed my actions as petty tribal sentiments in favor of BonkFun, a platform i'm clearly very aligned with i’ll start by making a few things clear: 1. i like BonkFun and i'm undoubtedly the biggest voice advocating for it on X 2. i respect @a1lon9 and what he has achieved with Pumpfun, more so than most on this app i know many might struggle to reconcile #2 with my recent comments and actions, so let me clarify: i think Alon is a genius, especially when you consider what he has accomplished with Pumpfun like him or hate him, the man basically singlehandedly disrupted the entire memecoin space nah, actually... he disrupted the entire crypto space — because Pumpfun is the only reason we have 17 million-plus tokens today! and i think he deserves every penny he’s earned from that innovation i know many don’t like him because of the massive $SOL sells, and they often try to diminish everything he’s done because of that — i’m personally neutral on this but i find the racist 'jewish' attacks against him that are becoming more common in this industry absolutely appalling. you can publicly disagree with someone, passionately even, without attacking their race or identity. that’s just pure evil behavior! ‘so then, why have you been crying a lot lately???’ it’s simple: i’ve been doing a lot of thinking, and i’ve come to the conclusion that Pumpfun’s continued dominance is a potential existential threat to the memecoin ecosystem and i don’t think i’m alone in this sentiment i’ve seen people i highly respect, people who have a strong pulse on the memecoin space, call the $PUMP TGE a massive liquidity drain event that could mark the top for memecoins for a long time... at least before BonkFun came into the picture and flipped Pumpfun! and the fact that the market seems to agree couldn’t be more obvious when you look at how memecoins have reacted to major $PUMP TGE news the first time news broke about the Pumpfun TGE was on June 3, when The Block reported it and several top memecoins dumped aggressively afterward: - FARTCOIN dropped 30% - WIF dumped 24% - POPCAT dumped 28% ...all within 48 hours of that news breaking! (don't take my word for it btw; check their charts and timestamp it to the news!) it’s been over a month now and not a single one of these tokens have reclaimed their levels before the news broke, and i believe this is because that TGE overhang remains then the same thing happened AGAIN yesterday when news came out that the TGE is imminent and will happen on July 12 every major memecoin nuked hard on the news: - FARTCOIN instantly dumped 12% and hasn't recovered - WIF dumped 9% - POPCAT dropped 13% - even SPX, which has been incredibly strong lately, dropped 12% instantly $SOL, the native token of the blockchain Pumpfun will TGE on, also nuked — despite the fact that the TGE is happening on Solana even top Pumpfun eco memecoins weren’t spared! now contrast that with what happened when news broke that BonkFun flipped Pumpfun on Sunday: literally everything in the memecoin eco pumped, INCLUDING Pumpfun eco projects! i’m arguably the fiercest advocate for memecoins on this app and i think being silent in the face of an event that could pose an existential crisis (even if only in the short term) to an asset class i hold and have aggressively pushed to others... would be cowardice i think many of my recent critics are taking for granted just how negatively impactful the Pumpfun TGE could have been for the trenches and memecoins as a whole if BonkFun didn’t come to the fore when it did i mean, yes, a lot of big VCs who shoved in 7 to 8 figures into the PUMP private sale at a $4b valuation will make bank and get out with a quick 2x, 3x, or 4x on size but what happens to the trenches after? many will liquidate their positions in several high-conviction memecoins trying to chase the PUMP presale (apparently $600m to $700m is being raised from retail here) and they’ll likely sell even more positions later on to provide exit liquidity for those same VC investors as they rotate out and try to buy the 'PUMP dip' whenever it comes meanwhile, the prices of these memecoins will keep trending down and dampen sentiment in the trenches for the foreseeable future, causing even more pain unless there’s some major stimulative event that flushes the system with cash again it’s genuinely hard to see how retail and the trenches win in this scenario ngl and i honestly believe the best way out is for BonkFun to win and continue leading with very clear dominance especially since BonkFun is aligned with the trenches and the Solana eco inside out: 58% of fees go towards buying and burning BONK, 15% goes to SOL that gets staked to secure the network, creators get rewarded for building on the platform, etc yes, Pumpfun innovated this entire category and were clearly the first mover... but they’ve also earned nearly a billion dollars in just 1.5 years — way more than several more innovative protocols have made in a decade i mean, that’s great for Pumpfun and power to them! but i definitely won’t be rooting for another event, ‘the great extraction’, that is about to extract billions of dollars from an already-strained memecoin market in such a short timeframe