Just like traditional equities teams that fail to find product-market fit, build a moat around the product and generate meaningful revenue will die.

The difference between equities and crypto though is the following:

[1] Tokens time to liquidity is heavily accelerated compared to traditional IPOs meaning you have a bunch of shit launching that will rally and bleed to zero never coming back washing out retail.

[2] The bifurcation of value between equity and token which makes it increasingly difficult to invest directly in the token.

The above is why Hyperliquid is going to $100.

$HYPE