TechFlow news — The Block founder Mike Dudas tweeted that he had asked many serious companies whether they believe their tokens will be valued over the long term based on meme value or fundamental value. Most responded with "fundamentals."
However, Dudas pointed out that challenges remain in achieving direct token value accrual from legal, regulatory, DAO governance, cash flow, and distribution perspectives.
He observed that the highest market-cap tokens today—such as L1 networks, "AI" tokens, DePIN (decentralized physical infrastructure networks), DeFi V2 (e.g., Ondo, Ethena), infrastructure projects, and Worldcoin—are essentially early-stage startups. These tokens are primarily traded based on meme value and expectations of future market size, rather than near- or mid-term fundamentals.
