Grayscale: Market shifts from meme coins to fundamental tokens

Grayscale analyzed a shift in the crypto market from speculative meme coins to 'fundamental' tokens that generate actual revenue, driven by the bear market and institutional investor influx. The consumer sector, mainly meme coins, has dropped 75% since early 2024, while the financial protocol sector has increased 15% during the same period. Grayscale cited decentralized futures exchange Hyperliquid (HYPE) as a key example, entering the top 10 by market capitalization through its revenue model that uses trading fees for token buybacks. The firm stated that projects generating cash flow, like Solana and Hyperliquid, should be assessed like traditional companies. Grayscale predicts that actual 'platform usage' and 'revenue' will be crucial indicators for future cryptocurrency market winners.

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