According to @KookCapitalLLC, recent Pump.fun fee changes will further cement the 2024 cohort as trench maxis, shaping risk appetite in meme coin markets, source: @KookCapitalLLC on X, Sep 2, 2025. The source states this setup is bullish for PUMP token holders, implying relative performance advantages for PUMP versus broader meme cohorts, source: @KookCapitalLLC on X, Sep 2, 2025. The source also characterizes the outlook as bearish for the maxis themselves as they double and triple down on trenches and memes, indicating elevated positioning risk within those segments, source: @KookCapitalLLC on X, Sep 2, 2025.