Thinking about Pumpfun, and I don't see any real reason to own the token. If you had the ability as an investor to own either you'd always want to own the equity. The equity receives a minimum of 75% of the revenue, and doesn't add any volatility to your portfolio. It has real investor rights and protections unlike a token, which has a completely unclear position in the capital stack. Investors additionally need to SELL the token to realize DPI for their liquid funds so the token is just there purely to realize some gains? After selling why rebuy if you already own the equity?

Compare this to Hyperliquid, where the equity is worthless given that Hyperliquid Labs is a Cayman foundation. There is no misalignment of incentives between Hyperliquid Lab investors (because there aren't any) and Hyperliquid token holders. Additionally, 97% of the revenues goes to rebuying the token as opposed to whatever Pump is doing.