Why do so many high-profile crypto listings break down post-launch? Low float + high FDV + no utility = inevitable repricing. These aren’t one-off failures or bad luck. What we’re seeing is the same structural pattern play out again and again across the market. > Valuations that front-run reality Tokens are hitting the market priced as if they’ve already conquered their category. The valuation assumes years of adoption, revenue, and network effects-before any of it exists. The correction is inevitable. > Low float + high FDV: manufactured scarcity that can’t last Early trading happens on crumbs of supply. Price action looks strong because of tight float-but it’s a mirage. As unlocks hit, supply floods in, and the repricing is swift and brutal. > Narratives don’t defend price You can tell a great story. You can trend on crypto Twitter. But if there’s no product-market fit, no utility, no value capture-the market eventually calls your bluff. > Macro doesn’t forgive overvaluation In a risk-off market with limited liquidity, there’s no bid to catch inflated tokens on the way down. The unwind is faster, the floor lower. Capital, hype, and big names can get you the listing. But only fundamentals sustain value. The low-float, high-FDV, narrative-first playbook is running out of steam.