Today I talked to @dapanji_eth about the Bonk ecosystem, and some insights inspired me, although it was subjective, and I directly concluded that: 1. Pump was dominant because it lacked a truly competitive opponent, while the Bonk team had money, know-how, voice, and a mass base (this is actually a lot like the story of opensea being replaced by blur) 2. Tom has a long-term belief in the on-chain matter compared to Alon, and spends two hours a day in the trenches in addition to developing and making products. 3. Alon actually doesn't believe in the matter of the chain, which is reflected in the behavior is indeed more profit-oriented, whether it is Sol mining and selling, high-point coin issuance or tokens, it is not empowering, and the main one can be paid. 4. In the long run, it is optimistic that Bonk's market share in sol will increase from 70% to 90%. These ideas translate into investment thesis: 1. If you believe that the chain will become more and more prosperous later, naked more Bonk, GP 2. If you are not sure whether there will be on-chain prosperity or even downfall on the chain, then more Bonk, short Pump, to eat the profit of "price mismatch", now the market value of Pump is still nearly twice that of Bonk, this choice is indeed a no-brainer arbitrage opportunity in my opinion. (I don't have any illusions that Alon will take out money to pull the Pump, Pump coins have been issued a lot, the car is so heavy, and there are not enough short opponents to blow up, and they are not even willing to take out the agreement income to empower them, do you still expect to spend money to pull the plate to send money to the bulls) My personal choice is 2, because I also think that the heat of pump issuance does focus the attention of funds in the short term, and as the heat passes, the whole track will see a wave of pullbacks. The chart below is the proportional trend after the issuance of Pump/Bonk, which is a new big truck altcoin, asking you if it is empty