$HYPE valuation -> $100+ is not a problem $12 billion market cap, of which 7.1% is held by AF (this portion will never enter the market) = $11 billion market cap Since the introduction of the new fee structure a month ago, HL's average daily revenue has been $2.4 million (excluding HLP and HyperEVM) Annualized, the revenue is approximately $900 million This means $HYPE's price-to-earnings ratio is about 12x (even compared to the average level of the S&P 500, this is historically low) The current average price-to-earnings ratio of the S&P 500 is about 28x, which means HYPE's fair value is approximately $84 The current average price-to-earnings ratio of the top 7 tech stocks is about 35x, which means HYPE's fair value is approximately $105 Palantir's current price-to-earnings ratio is about 600x, which means HYPE's fair value is approximately $1,800 And this valuation only considers HyperCore and assumes no growth. Just based on the decentralized perpetual contract exchange alone, $HYPE is undervalued, and it also has a complete L1 blockchain that has yet to be factored into the token price.