Why use the circulating price-to-earnings ratio for cryptocurrencies? Because traditional PE calculations look at the total issued shares, while non-circulating shares refer to locked-up stocks. However, all circulating tokens refer to all tokens yet to be minted, which is a different matter. For example, the total minting cap of ETH is unlimited, so it cannot be used as the total supply. Currently, the circulating PE ratio of $hype is 13.5, compared to Coinbase's 30 and Robinhood's 60, so just hold on to it. Last month, Hyperliquid's trading volume has already surpassed that of Robinhood.