$LIT is currently valued at around ~$650 million circulating market cap (circulating mcap) (price ~$2.7) and $2.6 billion FDV, with an annualized revenue of about $60 million and is trending downwards.

Meanwhile, $HYPE is trading at around $6 billion circulating market cap (price ~$25.5) and $25 billion FDV, with an annualized revenue of about $700 million.

Based on the valuation multiples, HYPE is trading at ~8x P/E (based on circulating market cap) and ~28x P/E based on FDV, while LIT is trading at ~10.5x P/E based on circulating market cap and ~43x P/E based on FDV.

With these figures, LIT currently surpasses HYPE on both measures of circulating market cap and fully diluted, despite having weaker fundamentals. Additionally, 100% of Hyperliquid's revenue is used for buyback activities, while the revenue distribution mechanism and value accumulation for LIT's token remain unclear. Fundamentally, LIT lacks a clear catalyst, and the sell pressure/churn related to airdrops is likely to persist for some time.