About 95% of PumpFun’s protocol revenue comes from the bonding-curve phase or tokens with a market cap below $250,000, while only 0.0013% of tokens issued on the platform currently have a market cap above $100,000—most of the money is made at the very earliest stage. This article by Wu Blockchain points to the incentive structure: bundled launches, batch token issuance, and KOL buy calls all favor short-term speculation. Token supply keeps piling up, while fewer people are willing to hold long term. Setting hype aside and looking only at the structure, the Meme sector beyond $BTC still needs to be watched for changes to issuance-side incentives. The article mentions fixed-price fundraising and tying rewards to long-term holding performance, but gives no timeline for implementation. My own approach is to first see whether the price and volume trend can continue, rather than rushing to chase a single news item.