@pliant

In the AI + crypto space, tokens like Bittensor ($TAO), Render ($RNDR), and Fetch.AI ($FET) have FDVs in the billions—potentially $5B, $2B, and $1–2B as of March 2025. These reflect hype around AI utility, but adoption lags might suggest overvaluation. Pi Network ($PI) hit a $195B FDV at launch, crashing 50% fast due to thin liquidity, a clear speculative bubble. High FDV-to-market-cap ratios or weak real-world use can signal overvaluation. Smaller tokens like AGNT ($18M FDV) contrast as potentially undervalued. Thoughts on these? (134 words)

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