how tf does $Claudia get quoted by Elon over and over and still fail to break $10M? at some point I have to ask what kind of catalyst is even enough for a pumpfun runner rn. 95% of @Pumpfun's protocol revenue came from bonding-curve trades or graduated coins trading below $250K. it does show how much the business can earn before a coin ever becomes one. so where's the incentive to help existing coins survive when another batch of launches keeps generating fees? feels like the system keeps pushing ppl toward launching and rotating as much as possible. more tickers competing for the same attention, less reason to hold anything beyond the first move. I didn't buy $FLOAT on the run to $10M, but the move says something about what trenches want. more back to traders and holders, and less room to scoop up supply cheaply. pump needs to make surviving past launch matter. better discovery for existing coins, less incentive for endless copies, more reasons for capital to stay with communities. runners give ppl a reason to come back. if pump keeps earning from the churn while that reason disappears, today's fees become a pretty weak argument for tomorrow's demand. I'm bearish on $PUMP unless this changes. strong fees today mean little if the traders paying them don't stick around.