Wu Shuo learned that crypto trader Ansem said buybacks may not necessarily be able to effectively support a token’s valuation. He cited Hyperliquid and Pump fun: their annualized revenues are about $800 million and $440 million, respectively, and both continue to repurchase tokens using some of their profits. However, the fully diluted valuations of HYPE and PUMP are approximately $65 billion and $1.4 billion, respectively. Ansem believes the difference mainly comes from the team’s execution ability and community trust. Hyperliquid makes fewer overpromises and continues to distribute benefits to core users; while Pump fun has higher revenue, the user airdrops it previously promised have not yet been fulfilled, weakening its “trust premium.”