Past Token Hype Reached $5–10B — Bull-Stage Momentum Is Not Here Yet

I remember when SafeMoon surged to a $6B market cap in just two months on the promise of building an exchange, and when Saitama raced to $10B in four months off the back of promises to launch a wallet and other features. Back then, during the hype phase of the bull market, many Layer 1s and serious Layer 1 projects commonly traded at $5–10B market caps or higher.

That kind of rapid valuation expansion came from a frothy market environment and strong hype momentum. Right now, I don’t see that same stage of the cycle — we’re not in that bull-hype phase yet.