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The permissionless nature of crypto means anyone with a computer and internet connection can have a bag. That makes it really hard to value tokens.

Price-to-sales multiples of L1s like Cardano or Ripple trade at absurd four to five figure ranges, far above actual value-generating L1s like Solana (32x) and Ethereum (227x).

Then there are tokens like OM (who?) that are clocking in the highest price gains of 47.6% since the industry’s biggest liquidation earlier this month.

No rational explanation exists. It’s all narrative and “speculative premiums.”

But is that going to stop…

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