This article evaluates Pump Fun's financial performance, highlighting its $780 million in revenue without token incentives and a daily average of $1.3 million even after the January memecoin surge. It suggests that Pump may face backlash despite its success, as deeper insights into valuation and competition are discussed.

The article examines how cryptocurrency projects like Hyperliquid and Uniswap are valued more on narrative and hype than actual revenue. It highlights the disparity in revenue multiples within the market, suggesting that while revenue is becoming important, the prevailing focus remains on market sentiment and stories.

Gemini has filed for an IPO on Nasdaq under the ticker GEMI, revealing a significant net loss of $282.5 million in the first half of 2025, compared to $41.3 million in the same period last year. The filing also includes plans to transition most users to a Florida-based unit called Moonbase and a new credit agreement with Ripple worth up to $75 million.