LIT is up 5.9x since May. Is it still a buy, or has the rally run its course? I’ve been championing Lighter for a long time because I truly believe their product is simply better than everything else on the market. And honestly, their team is the best. When you’re investing into startups, that’s really what you’re underwriting. It’s also why Lighter can point to heavyweight backers like Founders Fund, Dragonfly, Robot Ventures, and Robinhood, alongside other major names. That is exactly what pulled me in, too. But none of the product metrics were moving in the right direction, so I sold right before the token really started running. I highlighted the day when I sold on the chart below. Since that point, the token has nearly 6x. It’s tempting to chalk that up to booming business momentum, but the numbers don’t support it. The core metrics stayed basically stagnant until mid‑August, when OI jumped to nearly twice its prior level mainly due to price increases. It’s a welcome step in the right direction, but it still feels a long way from earning a sixfold price hike. My investing philosophy is that fundamentals eventually drag price where it belongs. Once I truly understand a business, I can judge whether its earnings power is set to expand and that’s how I build my thesis. When an asset is driven purely by sentiment, you’re just guessing. That’s why I ask myself: if no new buyers show up for the next three years, what return do I get anyway? When a company’s fundamentals are truly solid, profits keep rolling in, and assuming I didn’t overpay on the way in, the payoff on my investment should be very compelling. They might kick off share repurchases, boost shareholder dividends, or acquire other companies to fuel the next leg of expansion. In crypto, token holders often push for buybacks, but unless they scale up over time (they usually don't, they’re unlikely to create sustainable demand pressure and only deliver a short-lived price bump. I’m revisiting the leading crypto projects to see if anything stands out as a real opportunity, but so far it’s been a dead end. Drop your favorite token below that's worth exploring, and I will take a look. Follow me for more updates. Or see my real-time portfolio here:

The Milk Road Macro Index just hit a 5-month low at -0.6. Last time it did this, the S&P 500 dropped 9%. It hasn't printed this weak since April. Last time we were here, MRMI ran to about -2.5 and sat there for weeks. The S&P 500 dropped 9% through that window. We're back in the red now. The index just punched through -0.5. That's the line where this thing flips to risk-off. The main drivers pulling this index down are growth impulses and market breadth, both of which have deteriorated significantly over the last few days. So is this the time to cut risk? At minimum, it’s worth paying close attention: yields are exploding, consumer spending is trending down, oil is approaching $100, odds of rate hikes are at 50%, and the S&P 500 is less than 2% from ATH. I’m trimming a few positions to reduce risk and build up cash. But I'm not treating this like the March washout until I see follow-through. I'm watching the next few MRMI prints and reading comments from our macro expert @BitcoinJesusETH. If you are worried as well and not sure how to navigate through these times, join MR PRO to see how 5 analysts are reacting to this turbulence: