Crypto trader Ansem has emphasized that buybacks are often overestimated as a driver of valuations, suggesting that trust in the team may play a more crucial role. In a recent post on the X platform, Ansem compared the buyback and valuation differences between Hyperliquid and Pump.fun. Hyperliquid, with an annualized revenue of approximately $800 million, has a fully diluted valuation (FDV) of about $65 billion, while Pump.fun, with an annualized revenue of $440 million, has an FDV of $1.4 billion. Both companies engage in periodic buybacks using a portion of their profits, yet their valuation-to-revenue ratios differ significantly. Ansem attributes this disparity to the market's trust premium. Hyperliquid has maintained high trust by focusing on product delivery and rewarding core users according to set metrics, without overpromising. In contrast, Pump.fun, despite generating over $1 billion in revenue and raising $1 billion through an ICO, has failed to deliver promised airdrops, losing the trust of its core users. Ansem suggests that if Pump.fun fulfills its airdrop promises and addresses core user concerns, its token could potentially increase by 10 to 15 times. He also notes that trust, memes, and attention are undervalued intangible assets in the market.