Hyperliquid is buying back 132m worth of tokens per month. In 2 months, Hyperliquid will buyback Pump funs yearly revenue. I'm going to compare Hyperliquid to Pump to show you how fundamentals matter a lot even in crypto.

You can see that the supply purchased per month is just as high as it was back in March, when HYPE was at 12 dollars. The past 7 day buybacks have been 30m+, and Hyperliquid OI is still growing at an incredible pace. (OI translates into future revenue for perp exchanges)