Summary
TLDR: Blockchain teams are making millions by creating meme coins through platforms like Pump, with tokens like Shark Cat and Hobbes reaching valuations of $100 million and $35 million. Pump is projected to earn $66 million in annual revenue. The legality of this token-generation business is unclear, but it is disrupting traditional investment banking.
Key Points
1. Blockchain teams have succeeded in coopting the power of printing their own money, reserved for governments and banks.
2. Projects like Pump have earned millions in fees due to the meme coin frenzy on the Solana blockchain.
3. The token-generation business may raise legal and regulatory questions, but is replacing traditional investment bankers with apps.