News linked to both this project and an event.
Odaily News Renowned trader Ansem posted on X, stating that buybacks (for token prices) actually don’t have much effect.Ansem further noted that Hyperliquid's annualized revenue is $800 million, while Pump.fun's annualized revenue is $440 million; however, HYPE's FDV is as high as $65 billion, whereas PUMP's FDV is only $1.4 billion. Both teams regularly use a portion of their business profits for buybacks, yet their P/S ratios are vastly different.This disparity doesn't stem from how much revenue the businesses actually generate, but rather reflects the market's "trust premium" for the teams — a trust determined by their actions and decisions in the market. Hyperliquid never over-promises, focuses purely on product delivery, and generously rewards core users who contribute the most to the platform based on established metrics. In contrast, Pump.fun generated $1 billion in revenue, raised another $1 billion in an ICO, and promised users an airdrop, but has yet to deliver. Despite being one of the most successful and profitable businesses in the crypto industry, they lack a social consensus bond with their core user base and thus cannot achieve the trust premium that Hyperliquid enjoys.Therefore, what determines a business's valuation includes not only the "tangible value" derived purely from revenue and other metrics but also "intangible value." Trust, memetics, and attention are all crucial in the market, yet they are currently discussed far too little.
According to an official announcement by Pump.fun, the platform has completed the burning of all previously repurchased $PUMP tokens, amounting to approximately $370 million—roughly 36% of the circulating supply. The burn was executed via two on-chain transactions at 20:52 UTC. Simultaneously, Pump.fun has launched a programmable buyback-and-burn mechanism, allocating 50% of its net revenue over the next year toward publicly purchasing $PUMP on the open market and immediately burning 100% of the acquired tokens. This mechanism is enforced via an immutable smart contract covering revenue streams from Pump.fun’s three core product lines: the bonding curve, PumpSwap, and Terminal. Its execution comprises four steps: fee collection, aggregation into an intermediate wallet, buyback, and burn—all of which can be tracked in real time at fees.pump.fun. The remaining 50% of revenue will fund operational expenses and ecosystem development, including team expansion, strategic investments, and marketing initiatives. Pump.fun stated that this move aims to address community concerns regarding the token’s long-term value and the transparency of the buyback mechanism, with the overarching goal of continuously reducing the circulating supply.