As pump.fun, the meme coin launchpad giant, gears up for a $1 billion funding round at a $4 billion valuation, the crypto community is divided. In this analysis, I break down whether this valuation holds water amid fading meme coin hype. Using Python-driven on-chain data and P&L modeling from my FinTech days, I examine their revenue streams, platform evolution (hello, Gainzy's revival shows!), and that controversial 8x P/S ratio. Spoiler: It's complicated - but not for the reasons you'd expect.