According to Miles Deutscher, while Pump Fun offers skilled traders opportunities to profit, the broader impact on the crypto market is negative due to increased dilution, faster token rotations, and a rising number of retail investors suffering losses, leading to decreased user participation and liquidity. Deutscher highlights that most traders are not actively managing positions, and the indirect effects such as frequent listings and rapid market changes discourage long-term holders, affecting overall market stability and trading strategies (source: @milesdeutscher on Twitter, June 4, 2025).