Minty

"Why is $Pump priced so low? Pump sits at 1/8 of Hyperliquid's valuation but generates around half of its revenue. People are bearish on future revenue but Pump has been a consistent cash cow since it first gained traction. Through the low points, Pump still averaged 20-40M monthly revenue and still ranks 4th in revenue on DeFiLlama this month. Barring a collapse or deep decline in market share, it's hard to believe Pump would fade into irrelevance. Some people may say future buybacks aren't guaranteed. While true, the team already has a huge war chest and have shown some commitment to growing Pumpfun Unless they give up on Pump or shift revenue to growth, I don't see why buybacks would be changed in the meantime. Another possibility is less trust in the team. Valid take but in terms of execution the team has shown to be capable thus far. Pump was one of the first platforms to pursue streaming when everyone doubted the strategy. Other examples include Pumpswap, Ascend, creator fees, etc. Pricing in the uncertainty and Hyperliquid's premium, I don't think it's farfetched for Pump to be a quarter of Hyperliquid's valuation. I'm curious why it isn't."