Disclaimer: This note focuses on the conceptual and cultural “big idea” behind Pump.fun, not on financial modelling, valuation precision, or investment recommendations. Figures cited are public estimates as of October 2025 and serve only to illustrate the scale of potential outcomes, not to suggest price targets or forecasts.
Introduction
Most crypto liquid research still treats tokens like small-cap equities: describing the product, listing risks, and building discounted cashflow models on early data. But that misses the point. Crypto today feels more like 1998 internet: volatile, crowded, and already public. In that world, I don’t think the right mindset is that of an equities analyst, and I’d rather think like a venture investor trying to find the future Amazon when it was worth under $1bn. The skill isn’t in measuring risk, it’s in understanding how big something could get.