Ansem: If PUMP delivers on its airdrop promises and improves community relations, the token could surge 10 to 15 times.

Renowned crypto KOL Ansem has published an article arguing that token buybacks alone do not effectively support valuation. Hyperliquid generates ~$800 million in annualized revenue, while Pump.fun brings in around $440 million annually. Both platforms regularly use a portion of profits to repurchase tokens, yet Hyperliquid’s fully diluted valuation (FDV) stands at roughly $65 billion, compared to Pump.fun’s mere $1.4 billion. He notes that the valuation gap between the two is not primarily driven by revenue, but by the "trust premium" shaped by team conduct and market decisions. Hyperliquid rarely overpromises, consistently rolls out products, and rewards core users per preset metrics, fostering strong trust between its team and community. By contrast, Pump.fun has generated $1 billion in cumulative revenue and raised $1 billion via ICO, but has yet to deliver on its previously promised user airdrop. Ansem believes that if Pump.fun fulfills the airdrop and addresses core users’ concerns, PUMP’s price could surge 10 to 15 times, while boosting the platform’s trading volume, visibility, and revenue growth. He also cited Bitcoin as an example: the cryptocurrency has no revenue, yet boasts a $1.3 trillion market cap, with its value rooted in its fixed 21 million coin supply and the trust built from the network’s ongoing operation. Beyond tangible metrics like revenue, trust, meme effects, and attention are also key factors influencing asset valuation.