Ansem Says User Trust, Not Token Buybacks, Explains the Valuation Gap Between Hyperliquid and Pump.fun

Crypto trader Ansem argued that token repurchase programs by themselves are unlikely to sustain valuations over the long term, pointing to differences between Hyperliquid (HYPE) and Pump.fun (PUMP).

Hyperliquid generates about $800 million in annualized revenue and has an estimated fully diluted valuation of around $65 billion, while Pump.fun produces roughly $440 million in annualized revenue and is valued at about $1.4 billion on a fully diluted basis. Both platforms use a portion of their profits to repurchase tokens.

According to Ansem, the wide valuation gap is driven by differences in user trust rather than by buybacks alone. He said Hyperliquid has consistently rewarded its core users, while Pump.fun’s delayed airdrop has eroded the confidence that once supported its valuation.

Source: Ansem (X Post)