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HYPE is fully diluted to 60 billion USD, over 400 billion RMB—no matter how you look at it, growth is limited. The Hong Kong Stock Exchange is only worth 60 billion USD. Coinbase is worth around 1,000 USD. But these are stocks, and it’s 100%. The amount of HYPE repurchased is entirely up to the project team; no matter how much HYPE someone holds, they have no control. Holding HYPE is at least 50% cheaper than holding other stocks—so based on HYPE’s current earnings power, what should its PE be?