X @Ansem

Market Dynamics - The current price action (PA) dynamic is more akin to evaluating early-stage startups rather than relying on expectations of future growth [1] - Tokens can no longer expect automatic vertical growth solely based on their existence [1] Valuation & Tokenomics - Valuations of many, if not all, coins were significantly overvalued in the previous cycle [1] - Projects now require overwhelming confidence in their product to attract blind investment [1] - Examples of strategies being employed include buybacks (Hyperliquid & Kaito), extended legal lock-ups on tokens pre-TGE (Eclipse), and proof of consumer adoption (Sophon & Abstract) [1]