Survivor token within 25% of all-time high

The Unicorn Tokens Club 73 crypto assets still hold a market cap above $1B, worth $2.26T combined. But I think that number overstates the size of the club. Of those 73 assets: - 22 are stablecoins, gold-backed tokens, or tokenized RWAs, worth around $331B. - 7 are wrapped or liquid-staking versions of BTC and ETH, worth around $50B. these assets have real value, but counting them alongside the underlying assets creates a misleading picture. after removing them, only 44 independently valued native tokens remain, with a combined market cap of around $1.88T. the first thing that stood out to me was how concentrated that value is. $BTC, $ETH, $BNB, $XRP, $SOL, and $TRX account for 92.5% of the native-token total. the other 38 tokens share only around $141B. the median member is worth roughly $2.2B, equal to just 0.17% of Bitcoin’s market cap. so crossing $1B still sounds significant, but it does not mean a token holds meaningful market share. I also see this list as a record of survival, most members remain far below their all-time highs: – ICP: −99.7% – DOT: −98.5% – WLD: −97.3% – ETC: −96.1% – AVAX: −95.4% – BCH and SHIB: around −94% Only $LEO, $WBT, $RAIN, $TRX, and $HYPE are within 25% of their peaks. 3 of those five are exchange-linked tokens with issuer-managed supply, which makes the comparison less straightforward. A few names also surprised me. @Figure HELOC has reached a $21.4B mcap. It is excluded from the native-token list because it represents tokenized home-equity credit, but it is now larger than DOGE. @Rain__Protocol is worth $8.62B, above ADA. @CantonNetwork is worth $4.14B, above LTC. Gram, previously @ton_blockchain, has fallen to $3.83B. These rankings show how much the market structure has changed, even when the best-known names remain familiar. The biggest risk I see is still supply. MemeCore has a 7.5x FDV-to-market-cap ratio. HYPE qualifies with a $12.8B circulating market cap, but its FDV is $57.6B, or 4.5x higher. $WBT, $WLFI, $ASTER, $BGB, and $WLD also have ratios between 2.8x and 3.4x. On an FDV basis, MemeCore would already rank among the top 10 assets. That does not automatically make these tokens overvalued. But when I assess a $1B token, I care about more than whether it entered the club. my main takeaway is that the $1B club is smaller, more concentrated, and less healthy than the headline count suggests. Float, dilution, liquidity, and value capture tell me which ones may continue to survive. DYOR.