I'd ascribe this to two things: 1.) Durability of the revenue due, which is derived from the proven money printer that are perps 2.) Last vestiges of "L1/infra premium" being applied to HYPE. (1) is the market being correct/rational while (2) is incorrect/irrational and will continue to transition to apps (which Hyperliquid/CORE is)
CT likes hype at 65x revenue but doesn't like pump at 10x revenue? And also CT is feverishly bullish on shitco treasury stock trading 3-5x above nav Am I reading all this right?
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