Woofun AI notes that trader Ansem argues token buybacks have minimal impact on price, emphasizing intangible value over tangible revenue. Ansem highlights that Hyperliquid generates $800 million in annualized revenue with a $65 billion fully diluted valuation for HYPE, whereas Pump.fun earns $440 million annually yet holds only a $1.4 billion FDV.

The disparity stems from market trust rather than revenue volume. Hyperliquid focuses on product delivery and rewarding core users, fostering a trust premium. Conversely, Pump.fun raised $1 billion via ICO and generated $1 billion in revenue but failed to deliver promised airdrops, lacking social consensus with its user base. Ansem concludes that trust, memetics, and attention are critical valuation drivers often overlooked in favor of pure financial metrics.