If Believe can execute on its vision, we think there is a nonzero chance that it can make a name for itself in early stage capital markets as a platform for microcap investing, especially as AI tooling and vibe coding lowers the barrier to app development.

Contrary to Pump.fun, Believe seeks to serve a wholly different subset of NNA issuers and traders than Pump.fun, and is semi-permissioned, employing a curation layer within its application to ensure users can identify legitimate asset issuers.

Believe serves two underserved cohorts in the market today: web2 native indie devs who want to raise small... See more

Orderflow isn’t even solely owned by Pump, as about 30% of Pumpfun volumes originate on Telegram trading apps like Axiom or Photon. Without owning the consumer relationship via Pump.fun’s desktop and mobile front ends, it’s vulnerable to disintermediation out of the memecoin supply chain over time.

The result has been extraordinary user activity and revenue growth. Since Pump.fun launched, the bonding curve alone has done over $60B in volume and created over 10 million tokens. At its height, Pump.fun-related tokens represented around 25% of total onchain trading volume in crypto. Total market cap launched from Pump.fun sits at over $6 billion... See more

We contend that Pumpfun does not tokenize memes, and it does more than issue lotto tickets. Instead, for the past 18 months, Pump.fun, via permissionless listing of NNAs, exists as a crypto native game of chicken, wrapped in internet culture, with technical analysis as a core enabling feature. The supply side issues arbitrary assets, typically... See more