The shift from previous cycles has been brutal.

→ $AVAX produced a 366x, now one of the worst performers this cycle.

→ $ATOM produced a 563x; appchain thesis is dead; liquidity is fleeting.

→ $AXS produced a 2054x, no pmf, no adoption to sustain valuation.

→ $SAND produced a 744x; metaverse adoption did not materialize.

→ $GLMR yielded a 1539x, the Polkadot ecosystem failed.

The only token to outperform this cycle with growing fundamentals was $SOL (an ATH of $293 in Jan 2025), which also saw a 1153x return from its ATH.