Interesting market phenomenon: A certain public chain project has only 8 daily active users on average, with fewer than 10 transactions per day, yet its market cap reaches $1 billion, and the FDV hits $15 billion. This huge gap between user numbers and valuation truly reflects the awkward situation faced by some projects in the current crypto market—serious mismatch between data performance and market pricing. In the face of sluggish user growth and extremely low trading activity, why does the valuation remain high? The logic behind this warrants deep reflection.

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