What happens if we value $HYPE against the supply that is actually exposed to its fundamentals?
• Not just the liquid float
On this basis: buybacks are priced at roughly >150× annual revenue.
The logic is simple:
• buybacks and burns should be measured against the entire supply they enrich.
• Locked tokens benefit from supply reduction just as much as liquid tokens do.
Illiquidity affects the ability to sell, not the amount of value accrued.
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