Shoutout to MCG Chinese community @MCG_zh for coming up with great questions for our @believeapp stream today at 3PM EST today with @stigstigstig_ and @ghoshal. Special shoutout to @ICMdotLab for consolidating community questions, we will address with the $BELIEVE team. If you have questions, please drop them in the replies 👇

📢 更新通知 @believeapp 的 @stigstigstig_ 將於 今晚（11 月 4 日，週二，香港時間凌晨 3:00） 加入 MCG 節目！ 同場嘉賓還有 @dupe_solana 的 @ghoshal， 時間從原定的 凌晨12:00 調整至 凌晨3:00。 💬 想提問嗎？ 請在貼文下方留言或私訊 MCG， 你的問題將在直播中由主持人親自提出！ 💠 $DUPE $BELIEVE

The most underrated buyback in the space: $DUPE. > The average undervaluation compared to each project in the table is x80. > $DUPE uses a hybrid buyback model fueled by app earnings + trading fees. > Four upcoming catalysts will increase orderbook pressure and amplify the buyback effect to full capacity. > Who’s the marginal buyer of $DUPE over the next four months? > On-chain thesis for the next 12 months Buybacks as a concept began with @GMX_IO back in 2023. The core idea was to create value for the token through the profits generated by the underlying product or protocol. From a practical standpoint, however, buybacks lose their meaning if a token faces strong future selling pressure. That’s why they’ve often turned into a manipulation tool for projects that allocate a large share of tokens to themselves and early investors. Technically, yes — purchases occur on the market, but the price barely moves. Why? Because the token launch happens at a preset valuation that doesn’t reflect real demand. This leaves plenty of room for manipulation — teams and investors hedge their locked tokens or sell them OTC, neutralizing any buyback impact. This thesis is so obvious it barely needs proof. Just take a look at $ZK, $ETHFI, $IO, $2Z, $LINEA... The issue isn’t what they’re building, there’s simply no demand, and therefore, no marginal buyer. Since this trend clearly isn’t slowing down (cryptorank.io/funding-analyt…), I’m positioning against altcoins with broad VC backing. At the same time, an entirely new type of on-chain market is emerging where teams develop their tokens in sync with real product success. One of the strongest examples, in my view, is $DUPE. On-chain markets represent an alternative to early-stage venture investing where everyone has equal access to capital inflows and attention both traders and builders. It’s like an broad-open marketplace where you look for the highest-quality product at a fair price. So what’s the magic behind $DUPE’s buybacks? Let’s break it down. ^Long-term demand accumulation. Bobby has been executing progressive $DUPE buybacks nearly every week since the token’s launch. Here are the two wallets you need to know: 1. DwDNPuEo4Ra2vJE8xpKhQxvdELVRgfmh4sinKtyDLwfB — purchases funded by Dupe's web app (net profit) 2. 5qYYC2CNdWzEXMnuBGLMHBf1xwsnWLSy5XZft2j5Sq7u — purchases funded by fees from the Meteora pool As you can see, all of these buybacks were made directly from the open market, and the majority were executed at the current price — with no hidden transactions or early OTC deals. Bobby began buying precisely when interest in ICM started to fade, and most importantly — these buybacks were made from real, organic product profits. The closest parallel here is HyperLiquid. They launched a token on top of a successful product and immediately began repurchasing it. A similar pattern can be seen with $DUPE: + A proven product with real traction + Targeted at both web2 and web3 users + A broad user base and top-tier monetization engine Yet despite this, $DUPE is x664 cheaper than $HYPE. And if you argue they’re in “different categories” you missed the point of this post. Seeing the clear migration trend of CEXs moving on-chain, it’s fair to say that — under the right market conditions the next x1000 opportunity will emerge exactly here (just like $HYPE once did). I’m convinced that most current altcoins will remain tied to FED policy, and until we see an aggressive QE cycle if it even happens — they’ll keep disappointing holders and drifting lower. ^Who is the marginal buyer of $DUPE over the next four months? I keep coming back to this question — and I have a few answers. $DUPE captures several verticals that the market still hasn’t priced in: + Perfect alignment with the AI commerce narrative + The largest web2 user base transferring value into web3 (this is where the next x1000 will emerge) + Data-driven accumulation and visible catalysts are already attracting liquid on-chain funds that are beginning to form positions And of course, we can’t ignore the upcoming catalysts: MCP / API integration + Mobile App + Payments + Expanding marketing efforts. Yo fam, what do we think about it? @dupe_solana @ghoshal