On-chain projects and secondary projects are two different species.
Comparing market capitalization and rising cycles are not the same thing.
On-chain projects have high control, small pools, and many market capitalizations can be manipulated randomly, which is why there are often 80% pullbacks;
Secondary projects that have been listed on bn/ok do not experience such intense and rapid fluctuations, and their market capitalization is more realistic.
If I launch an AI agent with 99.9% control, I could also directly push it to a market cap of 1 billion USD, which is meaningless.
This example is quite exaggerated; the reality is that many on-chain agents can control 80%-90%, and of course, they can be pushed to several hundred million USD.
This market capitalization can only be said to depend on the mood of the operators and the willingness of several major investors to come on board.
