Story vs Valuation, Hyperliquid TAM, Pump’s Problem & Ethena’s Token Reset

The hosts debate whether crypto’s recent rebound reflects a shift from traditional valuation to narrative-driven markets. They examine the underperformance of Pump relative to Hyperliquid, Ethena’s tokenomics reset, and the sustainability of AI assistant hype. The conversation also covers whether FOMO can onboard mainstream users and the convergence of trading and social media. A lively discussion on the current state of crypto and the power of market stories.