@dilly-27
$HYPE
vs
$PUMP
made me rethink how much buybacks actually matter in valuations.
@HyperliquidX
is doing $800M in annualized revenue.
@Pumpfun
is doing $440M.
- both are extremely profitable businesses by crypto standards
- both use substantial portions of their economics to buy their own tokens
- both therefore have a relatively straightforward mechanism through which business activity creates recurring token demand
yet
$HYPE
trades around a $65B FDV while
$PUMP
trades around $1.4B.
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