Those sky-high multiples? They're not just numbers—they're telling you something about risk and reward across this entire space. Here's the thing: crypto's total market cap isn't done climbing. Not even close. But eventually, reality kicks in. The market will start splitting things up based on actual revenues, not just hype and promises.

Getting there won't be pretty. It's going to be a brutal, drawn-out battle for market share. Only the strongest players will carve out their territory and hold it. The rest? They'll fade into irrelevance. This isn't a sprint—it's a war of attrition where execution and real value creation will separate winners from pretenders.