Gate's Pumpfun public sale page was leaked in advance, and judging from various data, there is a high probability that it is true, starting from 7.12, lasting three days or the end of the fundraising, with a valuation of 4B, a public sale of 15%, and a raise of $600M, which should have completed a round of VC-oriented offerings. Half a month ago, I always thought that this $Pump public sale was a very big opportunity, as the only two phenomenal products in this round, Hyperliquid is currently 40B, even if Pump has to be discounted in all aspects compared to Hype, it is still a cash cow, and there is a good chance for a big capital to eat 50-100%. But what is more embarrassing is that LetsBonk is menacing this week, and even surpassed Pumpfun in market share, which makes the $Pump target token change from $Hype at 40B to $Bonk at 1.9B, and the ceiling will definitely be affected. At present, it will still choose to participate in the public sale, and the specific amount will be determined by combining the specific tokenomics and the speed of the sale at that time.