In this market, fundamentals are firewood, and narrative/attention is oil.
For example, pure memes like Marscoin and “Bull Come” type projects—those are in a ratio of 0:10;
Projects like Zec and Near, I think, are about 2:8. They do have fundamentals—privacy, AI, Intent trading—but overall the narrative is clearly greater than the fundamentals；
Projects like Uni are 5:5—strong fundamentals, and the narrative and attention are also fully there. Those are really rare. Hype also reached that state before; it rallied by several multiples.
For something like morpho, it’s roughly 9:1. The fundamentals are strong, but it doesn’t have much attention for now. So even if it rises, it doesn’t surge aggressively.
Whether there is oil determines how brightly the fire burns; whether there is firewood determines how long the burn lasts.
For example, pure memes like Marscoin and “Bull Come” type projects—those are in a ratio of 0:10;
Projects like Zec and Near, I think, are about 2:8. They do have fundamentals—privacy, AI, Intent trading—but overall the narrative is clearly greater than the fundamentals；
Projects like Uni are 5:5—strong fundamentals, and the narrative and attention are also fully there. Those are really rare. Hype also reached that state before; it rallied by several multiples.
For something like morpho, it’s roughly 9:1. The fundamentals are strong, but it doesn’t have much attention for now. So even if it rises, it doesn’t surge aggressively.
Whether there is oil determines how brightly the fire burns; whether there is firewood determines how long the burn lasts.