This is the ratio between: • 7D moving avg. of $PUMP revenue • 7D moving avg. of $HYPE revenue PUMP / HYPE revenue ratio is moving between 25% and 100% yet Hype mcap / FDV is consistently > 7-10x Pump For something that consistently makes 50% the revenue (some days 100-150%), you’d expect a market cap ratio of ≈ 1/2. However: • PUMP market cap @ $0.0045 = $1.55B FDV = $4.45B • HYPE market cap @ $42.00 = $11.3B FDV = $42B –> 7-10x times on MC/FDV respectively

I used moving averages to smooth out the curves and get a clear trend without noise. The 25% — 100% range is quite telling; on average. Some days there’s even outperformance up to 150% (some go below 25% too ofc).

If we aggregate and annualized metrics Annualized revenue (based on the last 70 days): Hyperliquid = 3,242,203 USD Pump fun = 1,569,506 USD Ratio = 48%

If we aggregate and annualized metrics Annualized revenue (based on the last 70 days): Hyperliquid ≈ 1,183,400,000 USD Pump fun ≈ 572,870,000 USD Ratio = 48%