Kyle Reidhead
CEO & Analyst of Milk Road/Milk Road AI
Jupiter's JUP token has fixed the problem that makes most altcoins uninvestable, by returning real business value to holders. Jupiter Exchange already has a killer business and a team that ships fast, and it has now cut token emissions to zero, ending new mints for airdrop farmers and the team, while testing buybacks and sharing revenue with holders. That is the only way to build sustainable token growth, and the kind of altcoin to look for in the next bull market. x.com
Jupiter looks primed for a repricing as a big beneficiary of rising onchain activity, with good risk/reward. JUP had its highest revenue day in seven months yesterday and looks on the cusp of exiting its downtrend. x.com
Jupiter is no longer a fading DEX aggregator but a front end for Solana's fast-growing tokenized stock market. Its Securitize partnership made it the first front end for regulated, institutional-grade tokenized stocks. Tokenized stocks on Solana went from zero to $667m in under a year, RWA value on the network exceeds $2bn, and Solana settles 94% of all-time onchain tokenized equity spot volume. JUP rose 51% this week yet remains 80% below its peak. x.com
Tokens that fund buybacks from revenue gained another reason to catch a bid after SEC staff said buybacks alone don't make an otherwise non-security token a security once its protocol is live. More usage can mean more fees for buybacks: Hyperliquid fees buy HYPE, Raydium swap fees buy RAY, and Pump, Jupiter, PancakeSwap, Aster, NEAR, Pendle, Maple and Sky do similar. Uniswap burns UNI from pool fees; Lido's DAO buys LDO by accumulation. Buybacks must be big relative to market cap and new supply. … Show more
Few new hyped token launches are crypto's most bullish feature, concentrating bids in good, fixed-supply tokens without VC scams that buy back supply. Unlike mega equity IPOs and a lack of hyperscaler buybacks, good crypto is structurally healthier than equities, with fewer headwinds and better risk/reward as tokenization stays a dominant theme for the next few years. A correlation shock remains possible, but crypto could recover fastest afterward; this is not the time to turn bearish. x.com
Meteora offers the preferred 6–12 month Solana DEX token risk/reward because its revenue is high relative to its market cap. Its $5.48M in 30-day revenue exceeds Jupiter's and Raydium's despite a $186M market cap. More Solana trading could lift fees; a re-rating requires sustained revenue and better token value capture. This is not an earnings multiple: holder revenue trails Raydium, unlocks could pressure supply, and revenue depends on Solana activity. Jupiter remains the safer ecosystem play. … Show more
Hyperliquid is among the crypto projects proving that real revenue used for buybacks and burns drives the best long-term performance. Tokens without revenue, or whose buybacks do not offset emissions and unlocks, are inflationary assets relying on sentiment. Projects with revenue and value accrual, including Hyperliquid and GEODNET, held up surprisingly well through the bear market. x.com x.com x.com
Hyperliquid's buybacks return value to HYPE holders as its trading business grows. Its 2025 token buybacks totaled $817.79 million, more than Robinhood's $653 million in stock repurchases. Traditional finance moving onchain could bring hundreds of trillions in digital assets and quadrillions in derivatives volume; even at today's price, HYPE still has 100x potential. x.com x.com
Pump.fun's team keeps giving PUMP holders the bare minimum, now cutting buybacks after turning on holder rewards so no revenue leaks. Per @Pickle_cRypto, buybacks fell from 100% to 50% for months and are now under 40%. With seemingly about $2B in cash already, the team is signalling it does not see the token as undervalued. It has repeatedly dumped its SOL, only ships or adjusts when a competitor forces it, and has never shown an example of giving back to its community. x.com x.com
Solana's apps are moving before SOL, and Jupiter, Orca, Pump.fun and Raydium gain more if a real Solana season arrives. Jupiter, Solana's default swap router, did $18.3B of aggregator volume in 30 days, up 238%; Orca's volume rose 20%; Raydium, the default listing venue, did $4.3B; Pump.fun earned $26.4M in fees in a boring market. Pump.fun trades at $537M against a $316M annualized fee run rate and Orca at $70M against $41M; a re-rate to 10x fees puts Orca at $6.75 and Jupiter near $0.59. x.com
Bear-market conditions make category-leading tokens with cash flow, real usage and macro relevance worth accumulating in stages. Bitcoin has flushed to $58-61k near its 200-week average, fear sits at 17, and stress at treasury firms like Strategy signals late-downtrend selling, though a Fed without 2026 cuts rules out a V-shaped recovery. Favored: buyback or burn tokens HYPE, ASTER, JUP, SKY, UNI and PUMP; fee-sharing AAVE, MET and PENDLE; ETH as the core; TAO and VIRTUAL for AI; ONDO for RWAs. … Show more
