Supply was the question. Demand is the answer. $PUMP has spent $442M buying back and burning 16.3% of its supply, funded by $1.1B+ in real protocol revenue demand that ignores unlock schedules completely. $TAO ? Only 3 of 128 subnets are profitable, and holders subsidize 70% of the network through inflation. $WLD has no revenue engine at all. One token buys itself, one taxes its holders, one just prints. Markets eventually pay for cash flow, not narratives. Real demand always beats printed supply in the end.
Which of these three would you still hold if emissions went to zero tomorrow?
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