Zhu Su: The TGE of Pump.fun further increased the demand and price of SOL.

On July 17, Zhu Su, founder of Three Arrows Capital, expressed his market view stating, "The TGE of Pump.fun has boosted the rise of SOL," for the following reasons: Pump.fun itself does not hold a large amount of SOL, so it will not create price pressure by dumping SOL, eliminating market concerns about "dumping risks"; there is a misunderstanding in the market regarding Pump.fun dumping SOL, as users typically purchase SOL with US dollars, participate in Pump.fun's transactions, and pay SOL fees, while the platform subsequently converts SOL back to US dollars. This model is merely a regular consumer business process and will not directly lead to a fall in SOL prices; the high revenue of Pump.fun within the Solana ecosystem (such as achieving $106 million in monthly revenue in November) has attracted more market attention, highlighting the potential of Solana as a high-performance blockchain. This not only attracts more developers to build projects on Solana but may also drive the revaluation of SOL as an investment-grade consumer protocol; Solana ecosystem investors participating in the Pump.fun ICO, after making profits, tend to reinvest their funds into SOL, further increasing its demand and price.