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Immaturity of the crypto market: XRP, Ethereum, and the war of sentiments against fundamentals
The debate does not end there. Omid Malekan, adjunct professor at Columbia Business School, also stoked the fire by reminding us that the crypto market remains "deeply immature." According to him, the recent success of XRP proves that narratives, vibes, and sentiments weigh much more than fundamentals.
In his intervention on X, he points out that XRP now surpasses Ethereum in Fully Diluted Valuation (FDV) despite the fact that "a corporation owns half of the supply." A situation he describes as "mind-boggling" for those who insist on analyzing only through the lens of technical design or real revenues.
In response to this argument, Jon Charbonneau, co-founder of the DBA investment fund, states:
Unique outliers do not mean that these rules apply to everyone.
He reminds us that the XRP exception does not justify abandoning the search for solid fundamentals. He compares this absurd logic to that of a CEO who declares:
GameStop and AMC exploded without profits, so we don’t need to make money either!
In this battle of ideas, Ethereum must, according to Charbonneau, stay true to its fundamentals to ensure its long-term legitimacy.