Analyst Minty shook up Crypto Twitter this week by posting a side-by-side comparison of PumpFun and Hyperliquid to his 80,000 followers. The numbers highlight an important point: PumpFun might be heavily undervalued compared to its competitors.
What you'll learn 👉
PumpFun vs. Hyperliquid: The Numbers
According to Minty’s data, PumpFun has a fully diluted valuation (FDV) of $7.1 billion compared to Hyperliquid’s $50.1 billion. Despite being only one-seventh of Hyperliquid’s size, PumpFun is generating over half the revenue. PumpFun’s monthly revenue sits at $51.5 million, not far behind Hyperliquid’s $58.3 million.
The valuation ratios also underline the gap. PumpFun trades at just 9x FDV-to-revenue, while Hyperliquid is at 43x. Market cap to revenue is also more favorable for PumpFun at 3.2x, compared to Hyperliquid’s 11.6x.
My $Pump thesis is simple
— Minty (@DeFiMinty) October 2, 2025
– Pump is 1/7 of Hyperliquid's valuation but generates over half its revenue.
– CT is biased against meme launchpads but it has proven to be sticky.
– It's fair for Hyperliquid to trade at a larger premium but that's still priced in even if Pump were a… https://t.co/NEv6mt86Ah pic.twitter.com/qMqyBfCOBO
On top of that, PumpFun’s buyback rate stands at 19%, more than double Hyperliquid’s 8.3%. This shows stronger tokenholder alignment and capital recycling back into the ecosystem.
Market Bias and Stickiness
Minty also pointed out that Crypto Twitter often dismisses meme launchpads as unsustainable. But PumpFun has already proven sticky. It dominates the launchpad sector with 84% market share, leaving competitors far behind.
Skeptics can hate the business model, but the numbers don’t lie. Strong revenues, sticky users, and a leading market position make PumpFun much more than a short-term hype play.
Why $PUMP Could Be a Long-Term Hold
In today’s fast-moving market, very few tokens look like genuine long-term holds. PumpFun stands out because of its ability to generate real revenue and maintain dominance in its niche. Even if Hyperliquid deserves a premium, Minty argued that PumpFun should still trade at a valuation closer to one-quarter of Hyperliquid – which would leave plenty of upside from here.
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