Some alts ran high already and might look expensive:

But these huge runner alts are reflexive - bullish market raises txs, fees, open interest etc.

Like Ethena: bullish markets makes traders go long. OI gets positive thus delta neutral positions yield higher APY.

Higher APY -> more USDE minted-> more revenue -> ENA buybacks increase (or start)

Same applied to most high rev tokens: HYPE, Aave, Fluid, KMNO (also leverage tool), Jupiter, Uni (swaps) etc etc.

Duh, so obvious, right? Still worth keeping in mind.

Don't evaluate altcoin prices on previously bearish market metrics:

raise the metrics by 10x, 100x and the token price will reflect it.

Obviously, the same loop reverses when prices dump :)

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