The OM dump is one of the biggest single day wipeouts in crypto history (5.2b of market cap erased in 24 hours), but there are some very good lessons here: • Market caps are an illusion: Liquidity is more important than the valuation itself. Most valuations in crypto are thin air • If something smells off (especially PA wise), it probably is, the chart didn’t look “normal” for some time (something I began to point out in my videos/AMAs over the past few months) • There is a big differential between fundamentals and price across the board in crypto - relative valuations only work when there is a very comparable product/revenue • Raises a bigger question: If valuations are largely fugazi - how many other top projects could this happen to? The floor for most alts is eventually 0 (although most won't go there quickly, assuming there's manipulation - this is one of the rare cases where it's prevalent on a major token) For more context, my story with the token: I invested in OM at the start of 2024, publicly rode it from 0.30 to 3. I sold “early” because I felt like it was entering overvalued territory (a feeling I shared publicly many times as well as in @mileshighclub_) - afterwards, it ran even higher to my surprise (which ultimately was good for my viewers as it extended the profit taking window even further). Was still one of my best RWA trades this cycle alongside ONDO at 0.20 liquid (+ seed), which I also technically TPd too “early”. But overall, as a rule of thumb, it’s better to sell too early than too late. In terms of price action on OM now, it’s hard to get a read - there’s an argument it could be a buy if the team responds well, but I probably won’t take the risk with meaningful size as I prefer confirmation/trend trades in this market. Definitely worth monitoring/charting tho. On the flip side, if trust does end up being eroded - it could be a bullish tailwind for other leading RWA protocols, as liquidity will need to flow somewhere whenever people speculate on RWA. It's not a trend I see going away any time soon.