There are currently two logics for speculating on altcoins:
1- The expected value of current business growth is realized.
2- The expected value of future potential market value is realized.
Old DEFI is the first logic!
In the last bull market, they just went online and washed the market, which was the growth trend after the value of business growth at that time was realized, and their life mission was completed in advance. In the end, the value will be slowly diluted in the ocean of homogeneity.
Speculating on public chains is the second logic!
All public chains will have a wave of high multiples after landing in the secondary market and washing the market sideways, but most of them are still unsustainable. Refer to the last round of AVAX, NEAR, FTM, MINA, etc., which can be played. The probability of SOL is too small. Most of them are fully realized after a wave of pull-ups. The sustainable value growth depends on the development of its ecology and business data.
