[숫자로 보는 펌펀과 하리 비교]

PumpFun has: 637m annualised revenue and $4.5b FDV = ratio of 7

Hyperliquid has: $1.3 billion revenue and $45b FDV = ratio of 34 (much worse)

No unlocks, presale sell pressure fully absorbed, and the buyback flywheel in place.