One of the biggest mistakes in crypto investing is assuming that a successful project automatically means a successful token.

It doesn't.
And that's why so many people lose money.
Take Ethena as an example.
The protocol keeps winning:
• More users.
• More TVL.
• Integration with Robinhood.
• Growing institutional adoption.
That's objectively bullish for the project.
But here's the question almost nobody asks:
Why should the $ENA token go up just because the protocol is growing?
The answer is: it doesn't have to.
With stocks, the value capture is usually obvious:
More revenue → more earnings → higher company value → potentially a higher stock price.
With crypto tokens, that link often doesn't exist.
If the token:
• doesn't receive protocol revenue,
• isn't used for buybacks or burns,
• doesn't need to be staked to access core functionality,
• has no meaningful economic role,
then the protocol can thrive while the token underperforms.
You can have:
✅ An incredible protocol.
❌ A terrible investment.
So, before buying any token, ask yourself one simple question:
"If this protocol becomes 10x bigger, why should this token be worth more?"
If you can't answer that in one or two sentences, you're probably buying a narrative—not an asset with real value capture.
Don't just analyze the project. Analyze the tokenomics.
What do you think: Will $ENA token see the results of Ethena successful business model?