According to Cas Abbé, there may be sharp valuation disconnects in crypto, citing Shardeum’s claimed tiny market cap and $IP’s low fees versus a multi‑billion valuation as examples to scrutinize for trades (source: X post by Cas Abbé on Nov 9, 2025, https://twitter.com/cas_abbe/status/1987431854295949627). For validation, Shardeum has publicly disclosed at least $23.6 million in funding via a $18.2M seed round (Oct 18, 2022) and a $5.4M strategic round (Apr 12, 2023), while its official materials do not publish a circulating market cap figure, so any market cap quoted elsewhere should be treated as unverified until confirmed by the project (source: Shardeum official blog — Shardeum Raises $18.2M in Seed Round, Oct 18, 2022; Shardeum Raises $5.4M in Strategic Round, Apr 12, 2023; shardeum.org/blog). The specific $IP asset referenced in the post could not be independently identified with the stated fee and valuation metrics at the time of writing; traders should confirm the exact ticker/protocol and validate protocol fee data on independent dashboards before acting (source: Token Terminal data coverage and docs, tokenterminal.com and docs.tokenterminal.com; DeFiLlama Fees dashboard, defillama.com/fees). Trading takeaway: prioritize setups where fully diluted valuation and market cap are supported by verifiable protocol fees and growth trends, and set alerts for any official SHM token listing or mainnet updates that could reprice risk once confirmed by the project (source: Token Terminal methodology on fees/revenue, docs.tokenterminal.com; Shardeum announcements page, shardeum.org/blog).