Solana’s top revenue machines have printed hundreds of millions in fees in 2025. @JupiterExchange became the swap router for an entire chain. @Pumpfun turned memes into a multi-billion-dollar economy. @DriftProtocol grew into a perps powerhouse. @Raydium remains one of Solana’s flagship DEX/AMMs. @MeteoraAG built a massive liquidity layer. @OREsupply gamified mining at the smart-contract level. All undeniable wins. Yet every single token is down 75–95% from highs. How can DApps generating insane revenue have tokens that bleed? Here's the quite part out loud: 1. Crypto speed runs everything Growing too fast is real. At TGE, tokens price in dreams, not reality. When hype outruns fundamentals, markets eventually drag valuations back to earth. Success becomes its own gravity. 2. Token launches are designed to peak early It’s not evil, it’s incentive alignment. Teams, investors, and ecosystem partners buy early because they take big risks. Retail enters at the top of the funnel. Liquidity arrives → core members sell → price discovers reality. Almost every TGE in crypto follows the same script because the incentives make it unavoidable. 3. Tokenomics kill momentum Coins are designed to make founders and investors rich. The following measures are put in place to carry out that goal. - Aggressive unlocks. - High emissions. - Large team/VC allocations. - Endless daily sell pressure that outpaces organic demand. Revenue can be growing, but the token bleeds because supply grows faster. 4. Revenue ≠ value This is the hardest lesson for new investors. On-chain metrics can be easily gamed. Even if users and fees are real, none of that matters unless the token captures value through things like fee share, buybacks, burns, staking incentives, governance power tied to economic flow. Most of these things are just short term narratives and don't have much sustainability though. Governance and decentralization are cool concepts until you realize they can just be bought out. Most tokens don’t have strong value capture anyways, so revenue and price decouple. 5. Macro still rules everything BTC dumps, liquidity dries up, rates stay high, risk-on sentiment flips, and all altcoins get nuked, regardless of revenue. Crypto trades on narratives first, fundamentals second. Bottom line: Tokens are not companies. Tokens are expectations, emotions, supply schedules, and incentive structures. Revenue can be growing while tokens die. That’s the nature of this market. Again, all the projects on this graphic have been executing at an EXTREMELY high level in many respects. Ultimately the market determines the charts and unfortunately most things have been trending down lately.