A fully loaded annual income of 9,835,378,408,520 USD corresponds to a market cap of over 5 billion FDV, with a price-to-sales ratio exceeding one thousand times. Despite the significant drop, the valuation remains very high. Perhaps the crypto space doesn't fundamentally adhere to basics, and one reason for the delay in the altcoin season is that many projects already have large market caps, leading to a valuation that is already a market fantasy ratio.