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BTC 
HYPE 
PUMP Ansem, a well-known figure in the cryptocurrency market, pointed out that if PumpFun can improve community relations and fulfill the previously promised airdrop, the value of its native token PUMP is expected to increase by 10 to 15 times.
During the evaluation, Ansem said that token repurchase alone may not be enough to support the project valuation. He mentioned that Hyperliquid's annualized revenue is approximately US$800 million, while PumpFun is approximately US$440 million, and reminded that both platforms regularly use part of their profits for token repurchases.
However, he pointed out that the valuation difference between the two tokens is quite wide. According to data shared by Ansem, HYPE's fully diluted market value is approximately US$65 billion, while PUMP's fully diluted valuation remains at approximately US$1.4 billion.
Ansem believes that the main reason for this huge difference is not the company's revenue performance, but the "trust premium" brought about by team behavior and market decisions. He said the Hyperliquid team rarely makes excessive commitments, launches new products regularly, and rewards core users based on established standards, a strategy that builds a high degree of trust between the team and the community.
Ansem pointed out that PumpFun has generated approximately US$1 billion in revenue so far and raised US$1 billion through token sales, but the promised airdrops have not yet been released to users.
Ansem believes that if the Pump.fun team fulfills its airdrop promise and addresses the concerns of core users of the platform, the price of PUMP could increase by 10 to 15 times. He pointed out that this development will not only push up token prices, but will also increase the platform's transaction volume, popularity and revenue.
In its evaluation, Ansem cited Bitcoin as an example, pointing out that Bitcoin can reach a market value of approximately US$1.3 trillion without generating any revenue, thanks to its fixed supply of 21 million chips and the trust established by the continuous operation of the network.
