Hyperliquid's HYPE remains a great token, but other coins edge it out in the near term. It has unrivaled tokenomics and value accrual, clear product-market fit and a high-trust team. Price action looks locally distributive, though within a long uptrend, and part of its value is speculative premium. Well-funded perps competitors and regulatory openings for other venues are starting to play out. It could turn around at any point and is worth buying back, possibly soon. x.com  x.com  x.com 

Hyperliquid is running because it solved a specific problem: leveraged trading with CEX-like speed and liquidity without giving up custody in the old way. The market is paying for speed, liquidity, buybacks and a casino that works, not decentralization purity. HYPE's new all-time high may not signal a return of the old altseason, where capital rotated blindly into every alt; this time only venues with real usage, flow and reflexivity move first. x.com 

Aerodrome and Avantis are among the undervalued, fundamentally mispriced exchange-listed tokens on Base that the market has mostly forgotten. Base's trading scene may be poor, but the chain is filled with underpriced listed alts, with more to come. Answering @rrigo_'s objection that no revenue flows to holders of Avantis and EDGE, both have buybacks and are expected to raise them at some point. x.com  x.com 

Pump.fun has squandered its edge, leaving PUMP a disappointing token. The bull case rested on how much the platform earns and its moat around communities, but the team kept shipping trendy features that will die within months instead of building trust, sustainable features and a social layer. Now the rival app Fomo is gaining ground, which Pump.fun deserves. The team is not scamming; it is mismanaging something that has grown too big for its old approach. x.com  x.com  x.com 

Pump.fun's PUMP token has likely bottomed, because its revenue and buybacks are out of line with a price near all-time lows. Pump.fun earns over $1 million a day in fees, has burned about $370 million of bought-back PUMP, roughly 36% of circulating supply, and says it will buy back and burn at 50% of revenue for a year. As with HYPE, the market is deciding revenue matters, and the team keeps shipping. The weakness may reflect VC unlocks or OTC selling; a coming unlock looks partly priced in. … Show more

Avantis (AVNT) should eventually break out of its long trading range, with the priority being a move up through the range first. As the Coinbase- and Thiel-backed perpetuals exchange on Base, it should draw action in the same week perpetual futures get approved in the US. A post the author replies to frames it as a catch-up trade on US perps becoming legal, with Avantis as Base's perps venue of choice. x.com  x.com 

Pump.fun is losing memecoin launches to competitors, which weighs on PUMP. Since $ansem, Pump.fun has not had a single $100M runner, while rival launchpads have had 10+, including PONS to $900M, AI to $400M, STONK to $330M and CASHCAT to $300M, some of them on Robinhood Chain. People are no longer interested in Pump.fun, and it failed to pick up the momentum from the $ansem coin. x.com  x.com  x.com  x.com 

Pump.fun is the clear leader as launchpads become one of crypto's clearest value-capture layers, and PUMP looks inexpensive at about 3.4x annualized revenue on a ~$1.09B market cap. Over 30 days it captured 46.4% of launchpad fees and 61.5% of revenue, $26.6M, keeping most fees rather than paying LPs, while the top five protocols took 87.1%. The discount reflects fears that memecoin activity is cyclical and users easy to lose; Pons, with 27.1% of fees, is the strongest challenger. x.com 

HivemindOS looks aligned with Base's push into agent finance, aiming to be the operating system for AI agents while Base provides their financial rails. It is a private, local-first OS where multiple agents share one brain, memory and skills, and agents can hold controlled Base wallets, pay for services through x402 with USDC, trade onchain and eventually run zero-human companies. A mobile app is coming, the developer keeps shipping, and the token's market cap is still under $200,000. x.com 

Hyperliquid's HYPE is among the highest-conviction tokens likely to rebound strongest once the current chaos ends, as the category leader in 24/7 trading and the perpification of finance, alongside Venice and Grass in AI. These tokens are anchored in real fundamentals, growing extremely fast and addressing huge secular markets, and Michael Saylor's troubles have no long-term effect on that growth. x.com  x.com