The analyst suggests that Hyperliquid ($HYPE) trades at a $65B FDV on $800M annualized revenue due to a high "trust premium" and alignment with its core users. In contrast, Pump.fun ($PUMP) trades at a $1.4B FDV on $440M revenue, with the author noting it could trade 10-15x higher if the team delivers on promised airdrops to regain community trust. Bitcoin is cited as the ultimate example of this intangible value, maintaining a ~$1.3T market cap despite $0 in revenue due to its fixed 21M supply and network reliability.