Look at those recent projects; the higher the valuation they can boast, the higher they boast it. Once they hit the exchange, there’s nothing afterward. There’s absolutely no value appreciation potential. Comparing to the current industry situation—big projects often have valuations of tens of billions of dollars, and small projects also fight for a few billion. Market participants have long been numb to these numbers; they are all astronomical figures, and for most people, they have no real concept.

Looking at it from another perspective: if the annual return is only $100,000, how many years would it take to absorb this valuation? Thousands of years, almost from the dinosaur era to modern times, wouldn’t be enough. So the question is—are these tokens really cheap?

A more realistic question is: if you are a project team, facing this high valuation, what would you choose? Cash out or keep watching? Most likely, it’s just crazy selling. That’s the true market game logic.