Ansem: PUMP could rise 10 to 15 times if airdrop promises are fulfilled and community relationships are improved

Comparing the news, well-known crypto KOL Ansem posted an article stating that it believes that token buybacks themselves may not effectively support valuation. Hyperliquid's annualized revenue is about $800 million, and Pump.fun's annualized revenue is about $4.4 billion. Both continue to use part of the profit to buy back tokens, but HYPE's FDV is around $65 billion, and PUMP is only about $1.4 billion.

He believes that the difference in valuation between the two is not mainly due to revenue, but rather a trust premium formed by team behavior and market decisions. Hyperliquid rarely overpromises, continues to launch products, and rewards core users according to pre-set metrics, so it maintains a high level of trust between the team and community.

In contrast, Pump.fun has accumulated around $1 billion in revenue and raised $1 billion through the ICO, but previously promised user airdrops have yet to be fulfilled. Ansem believes that if the project actually fulfills the airdrop and responds to core user concerns, the price of PUMP may increase 10 to 15 times, while boosting the platform's trading volume, attention and revenue.

He also cited Bitcoin as an example. Bitcoin has no revenue, but its market value is about 1.3 trillion US dollars, and its value comes from the trust created by the fixed supply of 21 million units and the continuous operation of the network. In addition to tangible metrics such as revenue, trust, meme effects, and attention are also important factors affecting asset valuations.