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Ansem: Repurchases are not the main driving force behind valuation; the team’s trust premium is even more critical.

PANews
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PANews, July 17: Crypto trader Ansem said on X that the buyback boost to valuation has been overestimated. He compared the differences between Hyperliquid and Pump.fun in buybacks versus valuation. Hyperliquid’s annualized revenue is about $800 million, with FDV of about $65 billion; Pump.fun’s annualized revenue is about $440 million, with FDV of about $1.4 billion. Both conduct recurring buybacks using part of their profits, but the valuation-to-revenue ratios differ dramatically. Ansem believes the difference comes from the market’s trust premium for the team—Hyperliquid has never overpromised, focusing on product delivery and rewarding core users according to predetermined metrics, maintaining a high level of trust with the community; while Pump.fun’s revenue exceeded $1 billion and its ICO funding was $1 billion, but the promised airdrop was never delivered, losing core users’ trust. Ansem noted that if Pump.fun fulfilled its airdrop commitments and addressed core users’ concerns, the token could rise by 10 to 15 times. He also said that trust, memes, and attention are undervalued intangible assets in the market.
HYPE2.55%
PUMP1.22%
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