Your insight is truly great and accurate. We need to realize that when valuing assets in an immature market, assets can be very far from their true value. These markets are driven by supply and demand instead if the actual adoption and use of the blockchain. Why else would projects that have no live project like Cardano and TRON have multi-billion dollar valuations ib the past? People try to buy before the realization of the projects. This happened to STEEM early on as it once achieved to be a Top 10 (which is where it belongs).