According to @KookCapitalLLC, Pump.fun (PUMP) has roughly the same run-rate revenue as Hyperliquid (HYPE) while HYPE trades at about 7x the fully diluted valuation (FDV), indicating a potential relative value mispricing, source: @KookCapitalLLC on X, Sep 19, 2025. According to @KookCapitalLLC, the market currently treats HYPE’s perpetuals revenue as more durable, aided by builder-code distribution with Phantom and MetaMask plus the upcoming HIP-3, whereas PUMP lacks an equivalent distribution model, source: @KookCapitalLLC on X, Sep 19, 2025. According to @KookCapitalLLC, meme-launchpad revenues are underappreciated in durability because a large cohort of traders prefers gambling on memes over perps, and Pump.fun dominates the meme market, source: @KookCapitalLLC on X, Sep 19, 2025. According to @KookCapitalLLC, Pump.fun has shown +450% app user growth and added a streaming business, which the author cites as innovation supporting revenue durability, source: @KookCapitalLLC on X, Sep 19, 2025. According to @KookCapitalLLC, HYPE is a strong token but not worth a 7x premium over PUMP on current run-rate revenue, and the author expects PUMP to re-rate higher to narrow the valuation gap, source: @KookCapitalLLC on X, Sep 19, 2025.