Pump.fun's on-chain story reads like a cautionary tale. The protocol raised $1.3B at a $4B valuation and quickly became Solana's top revenue generator. In less than two years, it pulled in nearly $1B in earnings and offloaded 4.1M SOL (roughly $741M at peak prices). Yet here's the disconnect—the token has tanked about 50% from its initial offering price. Revenue machine? Sure. But the token holders? They're nursing significant losses. The team's earlier moves paint an even more complex picture. Sometimes massive revenue doesn't translate to investor returns, and that gap is exactly what's worth examining in this corner of the market.