Ansem: If the airdrop promise is fulfilled and community relations are improved, PUMP could rise 10 to 15 times

BlockBeats, July 16 — The well-known crypto KOL Ansem said in a post that token buybacks themselves may not necessarily be effective in supporting valuation. Hyperliquid’s annualized revenue is about $800 million, Pump.fun’s annualized revenue is about $440 million; both have continued to use part of their profits to buy back tokens. However, HYPE’s FDV is about $65 billion, while PUMP is only about $1.4 billion.

He believes the valuation difference between the two is not mainly driven by revenue, but by a “trust premium” formed by team behavior and market decisions. Hyperliquid rarely overpromises, keeps launching products, and rewards core users according to predetermined metrics, thereby maintaining a high level of trust between the team and the community.

By contrast, Pump.fun has cumulatively generated about $1 billion in revenue and raised $1 billion via ICO financing, but the user airdrops it previously promised have not been fulfilled. Ansem said that if the project truly delivers the airdrop and addresses core users’ concerns, the PUMP price could rise by 10 to 15 times, while also driving platform trading volume, attention, and revenue growth.

He also cited Bitcoin as an example, saying that Bitcoin has no revenue, but its market cap is about $1.3 trillion, and its value comes from a fixed supply of 21 million coins and the trust created by the network’s continuous operation. In addition to tangible indicators like revenue, trust, meme effects, and attention are also important factors affecting asset valuation.