“Many digital assets should behave more like consumer staples than profitless tech companies due to the high revenues and cash yields, but the market doesn’t seem quite ready to draw a distinction between tokens of recession-proof gaming companies (e.g. ,AXS) and high cash flow exchange companies (e.g., FTT, SUSHI) versus protocols with no cash flows (e.g. BTC) or early-stage products with little fee generation (e.g., SOL, AVAX),” Dorman said.
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