pump.fun co-founder Alon Cohen said most techno-counterfeit products have the same value proposition as Meme, but they typically have low liquidity, overly high full dilution valuations (FDVs), and involve venture capital (VC) institutions that often use retail investors as exit liquidity. Cohen was responding to a tweet suggesting that the pump.fun platform's Meme coin offering had disrupted the price cycle of the counterfeit products market. Cohen countered that pump.fun existed long before the counterfeit products market fell in April 2024. He further explained the reason for the counterfeit products market crash in April 2024: "In the last cycle, retail investors lost so much that they won't come back easily to invest in the so-called" future of finance "." "Most people who have jobs don't care about technology, they care more about personal satisfaction," says Mr. Cohen. They want to make some money trading while having fun. The social media discussion highlights the growing tension between investors in counterfeit products who are focused on the practicality of technology and traders who simply speculate and ignore practical application scenarios.