the reason narrative dominates fundamentals is not that people are dumber or suddenly greedierit's physicshumans think in storiesnarratives are easier to understand, and fundamentals require time to analyseif narratives are easier to understand, then they spread fasterif they spread faster, then they infect more peopleif the internet connects more people than ever before, then the rate of infection increases exponentiallyand if enough people are infected, it ends up shaping realityand if crypto increases th ...

today, narrative matters more than fundamentalswhy? did we get more stupid? did we get more irrational? was it always like this? not reallysurprisingly, it's explained entirely by physics, and it's perfectly rationalit has nothing to do with "making it out of the permanent underclass" or gambling culturethose are just consequences of the causesame with TradFi becoming more and more degenerate like crypto, the rise of WSB, etcthe real underlying reason is: connectivityconnectivity explains all of itairplanes ...

Valuation Concerns - The company's valuation is approximately 70 times revenue, a multiple rarely seen and unsustainable for software companies [1] - While the company's fundamentals are exceptional, the valuation remains a concern, reminiscent of past instances where high multiples for companies like Snowflake proved unsustainable [3][4] - A significant portion (around 40%) of the investor base is retail investors, which can sustain the stock price for a while, but institutional investors have valuation thresholds they cannot exceed [5] Growth and Sustainability - The company's performance is outstanding, with top-line and bottom-line margin combined equaling 90, which is unheard of [2][3] - Deceleration in revenue growth could trigger a multiple contraction, especially given the current high valuation [4] - The CEO's statement about growing revenue ten X with a shrinking employee workforce raises questions about the sustainability of such growth, considering the need for talented personnel to implement the software [7] Market Dynamics and Risks - The market's irrationality, driven by a retail investor base, could persist, making it difficult to predict when the stock's high valuation will correct [9] - The company's unique business model and exceptional execution have defied fundamental reasons to sell the stock, despite the stretched multiple [10][11] - Upside risks include potential monetization of IP and sustained commercial momentum, which could justify the valuation [8]

Investment Strategies - The "revenue meta" emphasizes fundamental analysis for investment decisions [1] - The "DAT meta" prioritizes understanding market flows for investment decisions [1] Market Focus - The report highlights the value of both fundamental analysis and market flow analysis in investing [1]

RETURN TO FUNDAMENTALS. ...

The next 100x #altcoin isn’t found by luck—it’s identified through deep research, strong fundamentals, and impeccable timing. Are you prepared? 🎯 ...

this rally taught me cultural value is not limited to fundamentals as long as there's blue-chip scarcity and wave-based accumulation patterns. ...

Market Trend - Memecoins may trend today, but strong fundamentals are what sustain value [1] - The industry emphasizes that real utility, not just buzz, backs sustainable value in the memecoin market [1]

Smart investors zoom out. Daily charts lie — fundamentals don’t. 🧠 ...

Ethena's Potential Upsides - Ethena's fee switch activation positions it as a significant revenue generator, potentially benefiting $ENA holders [1] - The anticipated listing of StablecoinX on Nasdaq in Q4 could drive further $ENA accumulation [1] - Decreasing FED funding rates are expected to positively impact crypto funding rates, boosting Ethena's revenue [1] - Strong fundamentals, with USDE supply reaching 10 billion, highlight Ethena's robust position in the crypto market [2] - Ethena's stablecoin supply doubled in the last 30 days, indicating substantial growth [2] - At an $11 billion valuation, $ENA is considered relatively undervalued compared to competitors [2] TradFi and Investor Sentiment - Anticipation of TradFi FOMO, drawing parallels with Circle's demand, suggests potential for StablecoinX [2] - Investors may choose to hold $ENA in anticipation of the TradFi flywheel effect [3] Risks - Token unlocks pose a significant challenge to $ENA's price [2]