Crypto commentator Ansem argued that token buybacks alone do not necessarily support valuation, pointing to the gap between Hyperliquid’s HYPE and Pump.fun’s PUMP as an example. He said Hyperliquid generates about $800 million in annualized revenue while Pump.fun generates about $440 million, and both projects use part of their profits to buy back tokens. Even so, HYPE carries a fully diluted valuation of roughly $65 billion, compared with about $1.4 billion for PUMP. In Ansem’s view, that difference is driven less by revenue and more by a “trust premium” created by team behavior and market decisions. He said Hyperliquid has avoided overpromising, kept shipping products, and rewarded core users according to preset metrics, helping it maintain stronger trust with its community. By contrast, he noted that Pump.fun has generated about $1 billion in cumulative revenue and raised $1 billion through its ICO, but still has not delivered a previously promised user airdrop. Ansem said that if the project follows through on the airdrop and addresses core user concerns, PUMP could climb 10x to 15x, while also lifting platform volume, attention, and revenue. He added that Bitcoin, despite having no revenue, holds a market value of about $1.3 trillion because of its fixed 21 million supply and the trust built by a network that continues to operate.
BlockBeats reported on July 16 that crypto KOL Ansem said token buybacks do not necessarily provide effective support for valuation on their own.
He compared Hyperliquid and Pump.fun, saying Hyperliquid generates about $800 million in annualized revenue while Pump.fun generates about $440 million. Both projects continue to use part of their profits to buy back tokens, yet HYPE has a fully diluted valuation, or FDV, of about $65 billion, while PUMP stands at only about $1.4 billion.
Ansem ties the gap to a “trust premium”
In his view, the valuation gap is not mainly a revenue story. He said it reflects a “trust premium” shaped by team behavior and market decisions.
Ansem said Hyperliquid rarely overpromises, continues to ship products, and rewards core users based on preset metrics. That, he argued, has helped the team maintain a high level of trust with its community.
He contrasted that with Pump.fun, which he said has generated about $1 billion in cumulative revenue and raised $1 billion through its ICO, while a previously promised user airdrop still has not been delivered.
PUMP could re-rate if the project follows through
Ansem said PUMP could rise 10x to 15x if the project actually delivers the airdrop and responds to concerns from core users. He added that such a move could also drive growth in platform trading volume, attention, and revenue.
Bitcoin cited as an example beyond revenue metrics
He also pointed to Bitcoin as an example that valuation is not determined by revenue alone. Bitcoin has no revenue, he said, but still has a market value of about $1.3 trillion because of its fixed supply of 21 million coins and the trust created by a network that keeps running.
According to Ansem, tangible metrics such as revenue matter, but trust, meme effects, and attention also play an important role in how assets are valued.
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