Blockworks Research analyst Shaunda Devens said crypto will remain the best speculative market because prices and demand reinforce each other. According to ChainCatcher, she said higher token prices directly drive more trading and leverage demand, which in turn lifts protocol revenue.

Devens contrasted crypto with stocks, saying a rising share price does not directly affect the underlying business. She cited Apple as an example, saying that once its stock reaches a certain level, its valuation can look unreasonable relative to the same revenue base.

She also said crypto is different because token businesses are closely tied to speculation in financial assets. Last week, although token prices rose as much as 60%, revenue growth in 10 of 16 sectors outpaced price gains. Perpetual contract revenue rose 243% while prices increased 43%.

Devens said tokens therefore have no real short-term value ceiling, and mechanisms such as buybacks and DAT further strengthen this reflexive cycle.