[Du Jun: HYPE Buyback Model Struggles to Support $45 Billion Valuation, Risks Far Outweigh Rewards] Odaily Planet Daily News - ABCDE co-founder Du Jun posted on the X platform, stating that HYPE's buyback model is insufficient to support a fully diluted valuation (FDV) of $45 billion, with risks outweighing rewards. He pointed out that even if Hyperliquid's market cap surpasses BNB, the theoretical upside is only about 3x, while the perpetual contract DEX sector faces intense competition with strong rivals surrounding it. Furthermore, Hyperliquid has yet to undergo the test of 'major compliance and security incidents,' and if issues arise, the downside risks could be significant.