- Author bought about $1.6m of Pump, citing $65m of trailing-30-day revenue versus Hyperliquid’s $71m, despite roughly $2bn versus $20bn valuations.
- That implies about 23x annualized revenue for Hyperliquid versus 3x for Pump—an 8–10x discount attributed to meme-business stigma and weaker trust in Pump’s team.
- The thesis is not multiple parity: it needs the discount to narrow as perps, aggressive rewards, and customer acquisition deepen retention and monetize users across market cycles.
- The author expects greater upside next cycle but acknowledges Pump could fall further; a weekly USD bear divergence may need materially weaker BTC, which is not the base case.
Investment pitches
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