Is Pumpfun's 4 billion USD FDV high?

According to defillama data, let's calculate the PS multiple (annual revenue estimated by current monthly revenue * 12) and similar project in the trading field, $hyper

Project, revenue, fdv, ps multiple

Pumpfun, $522M, $4B, 7.66

hyperliquid, $800M, $3.6B, 4.5

Conclusion: If you think $hyper is expensive, then Pumpfun is even more expensive.