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 as examples: their annualized revenues are roughly $800 million and $440 million, respectively. Both have continued to use part of their profits to repurchase tokens, but the fully diluted valuations of HYPE and PUMP are about $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.”