The comment contrasted Hyperliquid's 24-hour revenue of $1M with roughly $2.9M in total revenue across memecoin products, framing the debate around crypto market size and user reach.
Pumpfun co-founder sapijiju argued that perps (perpetual futures, crypto derivatives without expiry) are not a particularly strong on-chain business, comparing Hyperliquid's 24-hour revenue of $1 million with about $2.9 million in total revenue generated by all memecoin products. The remark ended with a broader comparison — “What’s bigger, Bloomberg or Instagram?” — suggesting a contrast between financially intensive niches and larger consumer-scale platforms.