The most ironic scene in crypto is:
When it comes to projects like $HYPE that have revenue, trading volume, buybacks, and ecosystems, everyone suddenly becomes a value investing expert.
They complain about prices skyrocketing and valuations being too high. You gotta calculate protocol revenue, the strength of buybacks, FDV, and circulating supply. It’s as if missing a decimal point means your wallet’s not clean.
But when it’s a MEME coin, all the rules fly out the window.
No revenue? No problem.
No product? No problem.
No competitive moat? No problem.
One chart, one meme, a few big players lighting the fuse, and a bunch of people retweeting, and the market cap can still soar into the billions, even hundreds of billions.
This is the real bottom line in crypto: value coins trade on cash flow expectations, while MEME coins trade on attention density.
Whether HYPE is expensive or not is up for debate.
But you can’t use Wall Street models to suffocate value while claiming that MEMEs can ‘fly’ when the hype hits.
Crypto has never just rewarded value.
It rewards liquidity, the speed of narratives, and the diffusion of consensus. So the real discomfort with HYPE isn’t its high market cap.
It’s that it reminds many people: this market does have a valuation system.
It’s just that the valuation system often serves to block you from buying what you’re afraid to touch. $BTC $HYPE #Hyperliquid
When it comes to projects like $HYPE that have revenue, trading volume, buybacks, and ecosystems, everyone suddenly becomes a value investing expert.
They complain about prices skyrocketing and valuations being too high. You gotta calculate protocol revenue, the strength of buybacks, FDV, and circulating supply. It’s as if missing a decimal point means your wallet’s not clean.
But when it’s a MEME coin, all the rules fly out the window.
No revenue? No problem.
No product? No problem.
No competitive moat? No problem.
One chart, one meme, a few big players lighting the fuse, and a bunch of people retweeting, and the market cap can still soar into the billions, even hundreds of billions.
This is the real bottom line in crypto: value coins trade on cash flow expectations, while MEME coins trade on attention density.
Whether HYPE is expensive or not is up for debate.
But you can’t use Wall Street models to suffocate value while claiming that MEMEs can ‘fly’ when the hype hits.
Crypto has never just rewarded value.
It rewards liquidity, the speed of narratives, and the diffusion of consensus. So the real discomfort with HYPE isn’t its high market cap.
It’s that it reminds many people: this market does have a valuation system.
It’s just that the valuation system often serves to block you from buying what you’re afraid to touch. $BTC $HYPE #Hyperliquid