L1 valuations need a second look đ
During altcoin season, the market regularly reprices L1s such as $HYPE and $AVAX when activity, distribution, and a clear narrative begin reinforcing each other.
But I think the more interesting setup appears when a network improves while its token moves in the opposite direction.
That creates a gap between what the market remembers and what the chain has actually become. When I study that gap, I ask whether the current network is materially stronger than the version that previously earned market attention.
One new product is rarely enough.
The thesis becomes stronger when development, access, institutional usage, and token economics improve together.
Injective is one of the clearest examples on my radarI as INJ now sits around $8, but the network now has a native EVM, wider access through Solana, institutional RWA activity, and a stronger regulated-market footprint.
The economic side has developed too.
If Injective continues converting its financial infrastructure into measurable activity, I think that valuation gap becomes increasingly difficult to ignore đ„
#Altcoin Season#
During altcoin season, the market regularly reprices L1s such as $HYPE and $AVAX when activity, distribution, and a clear narrative begin reinforcing each other.
But I think the more interesting setup appears when a network improves while its token moves in the opposite direction.
That creates a gap between what the market remembers and what the chain has actually become. When I study that gap, I ask whether the current network is materially stronger than the version that previously earned market attention.
One new product is rarely enough.
The thesis becomes stronger when development, access, institutional usage, and token economics improve together.
Injective is one of the clearest examples on my radarI as INJ now sits around $8, but the network now has a native EVM, wider access through Solana, institutional RWA activity, and a stronger regulated-market footprint.
The economic side has developed too.
If Injective continues converting its financial infrastructure into measurable activity, I think that valuation gap becomes increasingly difficult to ignore đ„
#Altcoin Season#
