Taking the PUMP project as an example, with daily revenue reaching around 1 million USD, the annual income would be approximately 400 million USD. In traditional financial markets or any mature market, a company with an annual revenue of 400 million USD would typically have a market value of around 10 billion USD to be considered a reasonable valuation. But what is the current situation? In the cryptocurrency market, which is touted as the most speculative and most efficient in pricing, this company's valuation is stuck at only 2 billion USD.

Honestly, this phenomenon is quite worth pondering. Either the market has insufficient recognition of the project's cash flow capabilities, or there is a distortion in the entire valuation system itself. On one side, there is the solid annual revenue of 400 million USD; on the other side, the market's valuation is only one-fifth of the traditional market theoretical value. This huge gap reflects that the crypto market indeed exhibits some abnormal phenomena in asset pricing. The atmosphere is heavily speculative, but the fundamental valuation logic is actually more relaxed.