Quarterly Altcoin Spotlight: Pump.fun — Memecoin Engine Trades Nine Times Cheaper Than Hyperliquid
₿ Conviction
Pump.fun did $97M in fees last 90 days. Hyperliquid did $132M. Both buy back >93% of fees. PUMP trades at 1.57x sales. HYPE at 14.5x. The gap is wider than the fundamentals justify. Here’s what’s happening in plain English: