First, the value of a token is not well aligned with the long-run value of the underlying platform. There are many types of tokens, and the value of each depends on the underlying rights that the token provides

Early versions of token distributions have led to unsustainable dynamics wherein speculators are rewarded instead of those who are adding consistent value to networks through actual usage.

The “Ethereum is a payment network” narrative suggests the lowest network value, with a market capitalization below $1T if there is fee compression over time.