Long8xx

$INJ ETF + $100 in the next bull market
$INJ already showed what it can do in 2024, reaching a $52.75 ATH
If the next cycle rewards projects with history, adoption and institutional credibility
I believe a repeat with 2x performance from that previous ATH, around $100
Over the last few years, Web3 has seen an enormous number of projects disappear
CoinGecko reports that 53.2% of cryptocurrencies tracked on GeckoTerminal had failed by the end of 2025, with 11.6M tokens failing in 2025 alone
A separate survival study of 28,123 CoinMarketCap tokens found only 17% survived five years under its primary definition
That changes what “long-term” means
When thousands of projects launch every cycle and many disappear within a few years, surviving 5+ years becomes more than just an age number
It gives users, developers and institutions a longer track record to evaluate, execution, network activity, liquidity, security, governance and whether the ecosystem is still building after the hype fades
That matters because institutional capital cannot simply follow every new narrative
It needs data, history and infrastructure that can be evaluated
And this is where I think $INJ becomes interesting
Injective mainnet went live in November 2021, meaning it has already built a multi-year track record through multiple market conditions
Its 2024 cycle showed that an established project can still deliver major upside rather than simply becoming an “old coin”
Now add the ETF angle
21Shares has filed an S-1/A for a U.S. $INJ ETF that is designed to track INJ through the FTSE Injective Index
With the filing explicitly describing the fund as holding INJ and potentially staking a portion of its holdings, subject to regulatory and legal consideration
The filing is still a registration statement
That’s important because an ETF structure could give traditional investors another regulated route to gain exposure to $INJ
It’s not simply “$INJ is old, therefore $100”
It’s about 5+ years of survival creating more historical data, a stronger track record, and a longer period for users and institutions to evaluate the network through different market conditions
Add the institutional infrastructure developing around the asset, the potential ETF access, and a new crypto cycle where established projects may receive more attention
That $100 scenario becomes a more interesting possibility to watch
If that narrative plays out and $INJ repeats its 2024 strength with another 2x from its previous ATH, $100 becomes a scenario I’m watching closely

What does cake really need to be at 8$ ?
This is what the numbers say👇🏻
#Uniswap is roughly 10x bigger as a business.
But #CAKE sends far more of its earnings to token holders.
The market values #UNI at 6.7x CAKE mostly because it pays a much higher multiple for UNI's brand and position, not because UNI's token earns more.
1️⃣Fees (business size)
• UNI generates about $5.0M a day in fees
• CAKE's $519K, roughly 9.7x more.
This is the real gap.
2️⃣Revenue capture
• CAKE keeps about 33% of its fees as revenue ($170.5K of $519K).
• UNI keeps only about 8% ($412K of $5.02M). So UNI's revenue lead shrinks to about 2.4x.
3️⃣ Valuation
• On P/F, UNI is actually cheaper (3.0x vs 4.34x), meaning you get more protocol activity per dollar of market cap.
• On P/S, CAKE is about 2.8x cheaper (13.2x vs 36.5x).
The market is paying for UNI's fee base and brand, not for what currently accrues to the token.
4️⃣Dilution
• CAKE's FDV is almost equal to its market cap, so there's very little supply overhang.
• UNI's FDV is about 43% above its market cap, so more unlock pressure lies ahead.
5️⃣Liquidity
• UNI turns over about 18.5% of its market cap daily, compared with about 11% for CAKE.
•UNI has deeper, more institutional trading.
6️⃣Conclusion
If CAKE traded at UNI's 36.5x P/S on today's revenue, its market cap would be about $2.3B, or roughly $7 a token.
Even 20x would put it near $1.24B, about $3.90.
That requires the market to trust CAKE's revenue as durable, which comes from things like broader exchange access, institutional attention, and a consistent burn story.