In traditional markets, the Price to Sales ratio is one of the most basic valuation benchmarks
The S&P 500 trades at roughly 2.5–3x revenue on average
High growth tech names routinely command 10 20x
A SaaS company growing 30%+ year over year at sub-1x P/S would have every fund manager on the planet reaching for their checkbook
Now look at crypto
$PUMP - $1.09B in protocol lifetime revenue.
Market cap: $622M. That’s a P/S ratio of ~0.57x. The bulk of this revenue was generated in the past year.
$JUP: $404M in revenue.
Market cap: $559M. P/S of ~1.38x. Better, but still a fraction of what any traditional business with this kind of throughput would command
$CAKE - $675M in revenue.
Market cap: $457M. P/S of ~0.68x. Again, trading below its own revenue
In any other asset class, a sub 1x P/S ratio signals either a dying business or a market that has completely mispriced it
These are neither. These are protocols that generated hundreds of millions to over a billion dollars and most of it recently
The outlier here is $HYPE
$1.06B in protocol revenue, $10.1B market cap
That’s roughly a 9.5x P/S ratio, the only one in this group that reflects how traditional markets would price a high growth, high revenue business. And even that doesn’t include chain revenue
The disconnect is hard to rationalize
These aren’t speculative pre product tokens
These are functioning businesses with real, verifiable, on chain cash flows trading at valuations that would make even the most bearish TradFi analyst pause
The market is either not paying attention or fundamentally does not know how to value revenue generating protocols yet
Ja visi ir pesimistiski, tad kāpēc katrs pesimistiskais viedoklis tiek appludināts ar pretreakcijām
Katrā reizē, kad es publicēju pesimistisku viedokli, es saņemu simtiem komentāru, kas saka, ka es kļūdīšos Ietekmētāji nedēļā tvīto par mani, sakot, ka BTC seko M2 vai ka mēs esam superciklā Pievienojieties jebkurai telpai, un es tiku apzīmēts par pesimistu tikai par to, ka saku, ka vidējā termiņa gadi parasti ir vāji
Ir viegli teikt, ka visi ir pesimistiski, bet pozicionēšana un noskaņojums saka pretējo
Liela daļa ietekmētāju nokavēja augstāko punktu un tagad vēlas, lai tirgus viņus izglābj Citi gadiem ilgi virzīja alternatīvas monētas, gaidot alt sezonu un tagad meklē iemeslus, kāpēc cena nevar iet zemāk
Sociālais intereses par kriptovalūtām joprojām samazinās Monetārā politika joprojām ir ierobežojoša Mikro virzieni paliek līdz 2026. gada pirmajai pusei
Vēsturiski BTC mēdz veidot zemākus punktus ap februāri vidējā termiņa gados Tad mēs iegūstam prettrenda ralliju uz dažām nedēļām Pēc tam tirgus bieži atkal griežas
Narācijas mainās Cikli parasti nemainās
Apskatiet reakcijas uz jebkuru pesimistisku ziņu, un tas ir skaidrs Pozicionēšana joprojām ir vairāk optimistiska nekā cilvēki vēlas atzīt
TGE for $PRL was today, and so far the chart looks good, up 42% and currently sitting at +26%. Coinbase also announced the launch of $PRL futures and spot trading + the usual CEX/DEXes.
The company is developing a sovereign AI data infrastructure and has already achieved enterprise‑level revenue.
PerleLabs secured $17.5M in funding, led by Framework Ve ntures and CoinFund, positioning itself alongside peers such as Vana and Sahara AI in the fast‑growing AI data economy.
$MON is up 60% since early February, completely ignoring the choppy market.
Every time a high-speed L1 starts running, the timeline fills with comparisons to ETH and Solana. People debate if $MON is the next breakthrough or just a well-marketed scam.
It honestly doesn't matter. You simply don't fade the shiny new toy when it has this much momentum.