Would you rather have $55B in your hand or $56B on paper?

For many of the tokens the gap is huge between FDV and Market Cap :
→ $HYPE : 4x
$TAO : 3.1x
$SUI : 2.5x
$DOT : 2.4x
$XRP : 1.6x
$TON : 1.9x
→ $SOL : 1.1x
75% of the HYPE supply still hasn’t hit the market. That's the HYPE/SOL FDV flip everyone's celebrating.
In fact, that's what FDV is all about.
So, dear Hyperliquid supporters,
Is that really a big win?
At current prices HYPE has roughly $40B worth of tokens still locked so each unlock will be a massive event, that’s for sure.
Now, I know HYPE is on the rise - I’d even go on and say it is probably the best product to have come out in the industry in the last two years but what I don’t agree with is looking down upon SOL.
FDVs are great theoretically but that’s what they are - money in theory. SOL on the other hand is worth $55B - in theory and practicality.
What you see is roughly what exists and there is no hidden overhang waiting to reset your entry.
This does not make HYPE a bad trade, it still is one of the best bets out there. I’m just saying FDV is not a valuation.
It is a projection at current prices assuming demand absorbs every future unlock and the hype around the product remains the same (and is not stolen by the next HYPE)
That assumption has been wrong more times than it has been right.
Celebrate the flip. Just know what you are actually holding when you do.