Very interesting study here. Some margin notes for founders: • Funding and community size is irrelevant. Correlation between capital raised / X follower and token performance is effectively zero. • Most tokens are dead on Day 1. Average ROI from launch is ~0.96x. • Sector narratives matter more than execution quality (very sad) • Projects generating real revenue now trade worse than vaporware. This is unsustainable and signals a deeply broken market incentive structure. • Timing for token launches is crucial. Miss good timing = rekt. twitter.com/stacy_muur/status/...