2025-12-29 09:24:53

The DePIN track record for 2025 has been released—total project revenue of $73.8 million, sounds impressive. But when you open the K-line chart, the tokens have plummeted drastically, with an average decline of nearly 60%. Many projects have even been cut in half multiple times, with declines approaching 80-90%.

The most heartbreaking part is that infrastructure is being built, real users are using it, and genuine revenue is flowing in, yet the token prices are falling freely. Active users and earnings are generated, and these tangible values seem to bypass token holders entirely. Projects are extending, ecosystems are evolving, but the secondary market shows no reaction at all. Is this phenomenon a market re-evaluation of the long-term value of the DePIN model, or simply emotional sell-off? Many are asking, with so many real applications and revenues, why can't the token prices hold up?

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FreeRider

· 12-29 09:54

This is a typical value trap. The fundamentals are excellent, but the market is dead silent. The token just isn't moving, which is really outrageous. It feels like the market has no intention of giving DePIN any face. Revenue has exceeded ten million, yet it's still falling. It all depends on whether the financing party is willing to spend money to support the price. Speaking of so many projects being cut in half at the same time, I wouldn't doubt that someone is intentionally sabotaging. DePIN has been really tumultuous this year. It seems like everyone is doing real work, but the token price doesn't listen to reason. Wait, could it be that the big players are actually dumping? Alright, no more fuss. Anyway, I already lost all my coins.

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HodlKumamon

· 12-29 09:50

This is a typical case of fundamentals diverging from valuation. The data shows such strong significance, yet market sentiment still dominates. It's a bit hopeless but also quite common. --- The infrastructure is laid out, revenue is coming in, yet the token can still drop 80%? Bear calculated this yield, and it's truly testing my psychological limits. --- Wait, could it be that the market is saying the DePIN token model itself is flawed? A story where pure application value can't support the token valuation... This chart explains it all. --- $73.8 million in revenue sounds pretty solid, but when compared to market cap, it might not be so sweet anymore. It feels like the hype cycle has ended. --- Every time, it's the same sob story—there are real users, cash flow, but the crypto community just doesn't buy into this narrative. They have to wait for the next emotional surge. --- Bear thinks this might not just be emotional killing but that the market has discovered a fundamental flaw in DePIN's tokenomics.

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AirdropHustler

· 12-29 09:49

Revenue of 73.8 million but down 80%, this is ridiculous, the fundamentals and the secondary market are completely two different worlds --- It's the same old script again, the real data looks amazing, but the token price is flying low, honestly I can't understand --- Is DePIN really true? I think it's DePin, haha --- To put it simply, the market just doesn't believe this model can last, no matter how much revenue there is, it's useless --- Wait, why am I increasingly unable to understand this logic? Applied to growth, why is it instead causing a sell-off? --- Real revenue flows in but the token still drops? Then what are these people in the secondary market doing? --- Pure emotional killing, no other explanation, users are making money, but token holders are actually losing big

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HalfPositionRunner

· 12-29 09:43

This is outrageous. With an income of over 70 million, it can still drop 90%. What are we holding these coins for? The fundamentals are so solid, yet the market is dumping. The secondary market is really out of its mind. It's the same old trick in the crypto world. If users have income but no price, maybe we should just focus on the products and stop playing with tokens. Income is growing while prices are plunging. Isn't this a big trap? The problem isn't with the project itself but that the market simply doesn't believe in DePIN. Wait... Could it be institutions suppressing the price to buy back? Something feels off. With so many real applications, why aren't the coins dead in price? It’s a slap in the face to all the optimistic people. I think this is a liquidity crisis. Even the best fundamentals can't save the emotional market.

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QuorumVoter

· 12-29 09:42

It's the same old story. Good fundamentals don't prevent tokens from falling. Basically, the secondary market doesn't buy it, no matter how many genuine users there are. ------ The problem with DePIN isn't the lack of revenue, but that the tokenomics itself is flawed. Look at those real earnings—how many of them actually flow into the hands of token holders? ------ Laughable, 73.8 million in revenue sounds impressive, but what can token holders actually get if it's split among them? The price speaks for itself. ------ This is the deadlock of DePIN. No matter how great the application, it can't save a token that is already breaking down. The investment logic has long since changed. ------ Honestly, I don't quite understand. User growth in earning projects is increasing, yet the token keeps falling... where is the problem in this logic? ------ A typical disconnect between narrative and reality. No matter how good the story, the secondary market won't buy into it. ------ DePIN might just be a false proposition. It seems to have fundamentals, but it can't retain capital at all.

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