Real bad.

Moonshot is doing real, real bad, despite their extremely good real estate on dexscreener.

Why?

Classic mistake.

Tried to compete on fees.

But here it’s actually much worse.

…Pumpfun’s huge fees was a big part of what was making it work.

Liability theory of value.

Huge fees = backers making a big bet that not only would the token be worth break-even the same they put in, but that it would be worth a good bit more.

They were taking on big liability for should their bet that the coin would be far more valuable be wrong.

(Not exactly right, for those who could reliably race others to dump in theory… but in practice basically right.)

Just eliminate the fees, with no other change to bring back the liability, and you eliminate what made pumpfun work.

Nice job Moonshot.

One of the dumbest incentives engineering screwups to date.

Guarantee they’re sitting around with no clue of even what went wrong.

Liability theory of value.