As a blockchain analyst with years of experience in DeFi and NFT ecosystems, I break down whether Pump.fun's $4 billion valuation is justified amid the current meme coin downturn. Through cold hard data, platform revenue analysis, and insights into their pivot towards influencer-driven content, this article examines if this 'meme printing machine' can sustain its hype—or if it's just another crypto bubble waiting to burst. Spoiler: The numbers might surprise you.