It's a self-fulfilling prophecy as long as people believe the promises, hop on top of the liquid early-stage tokens and drive the market cap up. This kind of explains why the market is at elevated prices compared to two years ago despite not much changing in many of the shitcoins.

ln_cortado

bitcoin

Live graph of Ethereum regulatory capture

We are entering a situation where crypto has value just because its crypto. There are no real fundamental properties, just a bunch of users associated with a crypto, and therefore it has value