Most of the time it’s hard to separate pure speculation from real value accrual.

But when it comes to burn or buyback, the math speaks for itself.

$HYPE:
➠ 100% of revenue used for buybacks
➠ Last 30 days revenue: $102 M → annualized: $1.2 B
➠ Market cap: $18.8 B
➠ Time to buy back the entire circulating supply (at constant price & revenue): 15 years

$PUMP:
➠ 100% revenue buyback
➠ Last 30 days revenue: $46 M → annualized: $552 M
➠ Market cap: $2.1 B
➠ Time to buy back full supply: 4 years

$JUP:
➠ 50% revenue buyback
➠ Last 30 days revenue: $28 M → annualized: $336 M
➠ Market cap: $1.75 B
➠ Time to buy back full supply: 10 years

$ENA:
➠ No revenue-based buyback; funded from a capital raise
➠ Minimum $5 M in daily buybacks for the coming weeks
➠ Market cap: $5.1 B
➠ Time to buy back full supply (if that pace held): 3 years

$dYdX:
➠ 25% revenue buyback
➠ Last 30 days revenue: $1.8 M → annualized: $22 M
➠ Market cap: $520 M
➠ Time to buy back full supply: 95 years

It pains me to say it, but the most undervalued here looks like $PUMP, at current revenue and price it would take only 4 years to buyback the entire circulating supply.

@ethena_labs recently announced a temporary buyback of at least $5M per day funded from its capital raise. Annualized, that would retire the full supply in about 3 years.

Still, I’m a bit skeptical of $ENA, this program is temporary, and reportedly the tokens they buy are being resold on CEXs, which effectively cancels the buyback.

It’s hard to tell yet whether this is a holder value creation or more of a marketing spend. We'll see ...