I'm inclined to agree that this doesn't seem to add up, but I don't think that matters much any more. There seems to be a transition taking place in which exag

I'm inclined to agree that this doesn't seem to add up, but I don't think that matters much any more. There seems to be a transition taking place in which exaggerated, thinly-supported 'market cap'-based value metrics, the fundamentals of which are largely opaque to outside analysis (almost all being derived from coinmarketcap, a single centralized aggregator site), are the new normal. Peeling this onion apart would require what seems an unlikely pairing of extremely high cryptocurrency domain competence and extraordinary resistance to corruption.