Cash flow
P/S Multiple, ranked
Market capitalisation divided by annualised protocol revenue, scored so cheap ranks high.
One of the 25 variables in the framework. 251 tokens rated. Scoring pass 18 Sept 2026.
Median
4/10
mean 4.2
Scoring 9 or 10
1
of 251 rated
Composite link
0.57
correlation with total score
Market link
-0.12
rank correlation with market cap, n=236
01
What this variable measures
Market capitalisation divided by annualised protocol revenue, scored so cheap ranks high.
A 10 means the asset trades at a low multiple of the cash it produces. A 1 means the multiple is extreme or undefined because revenue is near zero.
Nothing else in the set comes as close to a valuation, and no other variable disagrees with price momentum as often.
02
What the universe says
Across 251 rated tokens the median score on P/S Multiple is 4 of 10 and the mean is 4.2. 1 token scores 9 or 10, and 34 score 2 or below. Across Protocol leads at 9 of 10.
P/S Multiple correlates 0.57 with the composite score across the universe, which makes it moderately tied to overall standing. It moves with quality without being a proxy for it.
Against live market capitalisation for the 236 tokens with a matched market row, P/S Multiple carries a rank correlation of -0.12. That is effectively no relationship. Whatever this variable measures, the market is not currently charging for it, which is the definition of an unpriced edge if you believe the variable matters.
The closest variable to P/S Multiple is Protocol Revenue at 0.65, which is strongly tied to it. Nothing else in the framework restates this one, so it earns its slot.
Across Protocol (ACX) scores 9 of 10 on P/S Multiple, 1st of 251, on a market capitalisation under $500M. That gap between rank on this variable and rank by size is the whole reason to read the table rather than the top ten.
03
Distribution across the universe
181
162
363
784
665
156
147
78
19
010
Tokens at each score from 1 to 10. The shape matters: a variable where almost everything clusters at 3 is telling you the whole category fails it, not that one token is unusual.
04
All 251 tokens ranked
Sorted by score on this variable alone, so a token can lead here and rank poorly overall. That disagreement is the useful part: it is where a single-variable screen finds something the composite averages away.
| # | Token | P/S Multiple | Composite | Market cap | Verdict |
|---|---|---|---|---|---|
| 1 | ACXAcross ProtocolIntent-based cross-chain bridge. Highest revenue-per-dollar-bridged. 100% fee buyback to stakers. | 9/10 | 137 | $30.5M | CAUTIOUS HOLD |
| 2 | MKRMaker / Sky$124M Q1 revenue. 2.7x gross P/S (~6.7x net). Buyback allocation cut from 75% to 7.5% of surplus in Mar 2026 to fund a $150M Solvency Reserve. Sky rebrand: about 81% of MKR already upgraded to SKY. | 8/10 | 177 | not published | HOLD CORE |
| 3 | COWCoW ProtocolIntent-based batch auction DEX. $87B vol 2025. P/S 3.1x. Net deflationary. Vesting complete. | 8/10 | 167 | $82.3M | HOLD |
| 4 | ETHFIEther.fi$7.8B TVL on $350M mcap (22x TVL/MC). $50M buyback active. 84% circ. 250M token releases ahead. | 8/10 | 162 | $680.1M | HOLD |
| 5 | AAVEAaveKelpDAO $190-230M bad debt, 3 core team departures (ACI/BGD/Chaos), buybacks paused. But $142M rev, 55-63% share, V4+Umbrella live, SEC cleared. | 8/10 | 156 | $2.65B | HOLD |
| 6 | LQTYLiquityV2 is RE-deployment after Jan 2025 bug (same auditors didn't catch it). 99% circ. BOLD $30M (<0.01%). | 8/10 | 151 | $23.3M | HOLD |
| 7 | DRIFTDrift ProtocolExploited for $286M on 1 April 2026 through a compromised admin key and offline since. TVL fell from about $550M to under $250M. Held roughly 35% of Solana perp DEX volume before the attack. | 8/10 | 142 | $14.3M | HOLD |
| 8 | GNSGains Network1.16x P/S but losing DEX war. 14-15M tokens burned (38%+ of initial). 97% circ/total. $113K volume. | 8/10 | 116 | $9.5M | WATCH |
| 9 | HYPEHyperliquid3 ETFs live (THYP, BHYP, HYPG, about $253M combined AUM). About $600M annualised revenue after four straight quarterly declines, with builder fees now taking 18% of gross before buybacks. about 32% to 37% DEX perps share, down from roughly 70% in 2025. But closed-source, FCA warning, 22% circ. | 7/10 | 193 | $19.71B | HOLD CORE |
| 10 | WSTETHWrapped Lido Staked ETHLido's wrapped staked ETH, the DeFi collateral standard with about $17.7B TVL and native yield; dominant LST by every metric | 7/10 | 185 | $11.76B | HOLD CORE |
| 11 | GEODGEODNET | 7/10 | 169 | $137.0M | HOLD |
| 12 | SYRUPMaple Finance | 7/10 | 168 | $268.1M | HOLD |
| 13 | RETHRocket Pool ETH | 7/10 | 159 | $946.8M | HOLD |
| 14 | CETUSCetus Protocol | 7/10 | 147 | $25.0M | HOLD |
| 15 | FLUIDFluid (Instadapp) | 7/10 | 145 | $158.2M | CAUTIOUS HOLD |
| 16 | GMXGMX | 7/10 | 143 | $84.3M | HOLD |
| 17 | SKYSky (formerly Maker) | 7/10 | 141 | $1.86B | CAUTIOUS HOLD |
| 18 | KMNOKamino Finance | 7/10 | 138 | $214.9M | CAUTIOUS HOLD |
| 19 | SNXSynthetix | 7/10 | 130 | $137.5M | CAUTIOUS HOLD |
| 20 | LITLighter | 7/10 | 125 | $876.5M | WATCH |
| 21 | MOBILEHelium Mobile | 7/10 | 92 | $6.0M | PASS |
| 22 | BLASTBlast | 7/10 | 87 | $4.9M | PASS |
| 23 | CBETHCoinbase Wrapped Staked ETH | 6/10 | 158 | $484.5M | HOLD |
| 24 | AEROAerodrome Finance | 6/10 | 157 | $794.7M | HOLD |
| 25 | JUPJupiter | 6/10 | 151 | $1.04B | HOLD |
| 26 | RAYRaydium | 6/10 | 129 | $670.5M | CAUTIOUS HOLD |
| 27 | OLASOlas (Autonolas) | 6/10 | 129 | $13.4M | CAUTIOUS HOLD |
| 28 | BERABerachain | 6/10 | 127 | $76.8M | CAUTIOUS HOLD |
| 29 | TRXTRON | 6/10 | 125 | $31.81B | CAUTIOUS HOLD |
| 30 | VELOVelodrome Finance | 6/10 | 121 | $46.1M | CAUTIOUS HOLD |
| 31 | MAVMaverick Protocol | 6/10 | 121 | $13.1M | CAUTIOUS HOLD |
| 32 | IOio.net | 6/10 | 108 | $63.1M | WATCH |
| 33 | SCROLLScroll | 6/10 | 102 | $4.7M | WATCH |
| 34 | USUALUsual Protocol | 6/10 | 99 | $23.6M | PASS |
| 35 | ZKZKsync | 6/10 | 95 | $129.1M | PASS |
| 36 | STRKStarknet | 6/10 | 93 | $366.4M | PASS |
| 37 | MANTAManta Network | 6/10 | 76 | $31.1M | PASS |
| 38 | ETHEthereum | 5/10 | 187 | $313.17B | HOLD CORE |
| 39 | SOLSolana | 5/10 | 170 | $68.57B | HOLD |
| 40 | LINKChainlink | 5/10 | 165 | $10.01B | HOLD |
| 41 | PENDLEPendle Finance | 5/10 | 160 | $391.5M | HOLD |
| 42 | MORPHOMorpho | 5/10 | 157 | $1.75B | HOLD |
| 43 | VIRTUALVirtuals Protocol | 5/10 | 151 | $502.6M | CAUTIOUS HOLD |
| 44 | SUISui | 5/10 | 146 | $4.63B | HOLD |
| 45 | LDOLido DAO | 5/10 | 146 | $353.8M | HOLD |
| 46 | OKBOKB | 5/10 | 145 | $2.75B | HOLD |
| 47 | BNBBNB | 5/10 | 144 | $102.38B | HOLD |
| 48 | PAXGPAX Gold | 5/10 | 141 | $1.79B | HOLD |
| 49 | CRVCurve Finance | 5/10 | 140 | $552.7M | HOLD |
| 50 | ARArweave | 5/10 | 140 | $274.9M | HOLD |
| 51 | INJInjective | 5/10 | 139 | $727.9M | CAUTIOUS HOLD |
| 52 | ENSEthereum Name Service | 5/10 | 137 | $269.1M | CAUTIOUS HOLD |
| 53 | NEARNEAR Protocol | 5/10 | 135 | $6.64B | CAUTIOUS HOLD |
| 54 | BANANABanana Gun | 5/10 | 135 | $15.5M | CAUTIOUS HOLD |
| 55 | BGBBitget Token | 5/10 | 135 | $1.37B | CAUTIOUS HOLD |
| 56 | SAFESafe (formerly Gnosis Safe) | 5/10 | 132 | $84.0M | CAUTIOUS HOLD |
| 57 | AKTAkash Network | 5/10 | 129 | $210.6M | CAUTIOUS HOLD |
| 58 | LEOUNUS SED LEO | 5/10 | 126 | $8.19B | CAUTIOUS HOLD |
| 59 | CAKEPancakeSwap | 5/10 | 123 | $698.0M | CAUTIOUS HOLD |
| 60 | LPTLivepeer | 5/10 | 123 | $82.2M | CAUTIOUS HOLD |
| 61 | GTGateToken | 5/10 | 123 | not published | CAUTIOUS HOLD |
| 62 | ORCAOrca | 5/10 | 123 | $167.2M | CAUTIOUS HOLD |
| 63 | VRTXVertex Protocol | 5/10 | 121 | not published | CAUTIOUS HOLD |
| 64 | ENAEthena | 5/10 | 120 | $3.06B | CAUTIOUS HOLD |
| 65 | MNDEMarinade | 5/10 | 119 | $15.6M | WATCH |
| 66 | KCSKuCoin Token | 5/10 | 119 | not published | WATCH |
| 67 | WOOWOO Network | 5/10 | 118 | $23.6M | WATCH |
| 68 | IMXImmutable X | 5/10 | 117 | $156.3M | WATCH |
| 69 | XMRMonero | 5/10 | 117 | $10.41B | WATCH |
| 70 | STGStargate Finance | 5/10 | 117 | $20.1M | WATCH |
| 71 | JOETrader Joe | 5/10 | 117 | $17.4M | WATCH |
| 72 | SSonic (prev. Fantom) | 5/10 | 115 | $154.2M | WATCH |
| 73 | CFGCentrifuge | 5/10 | 115 | not published | WATCH |
| 74 | GRASSGrass | 5/10 | 111 | $457.9M | WATCH |
| 75 | KNCKyber Network | 5/10 | 110 | $28.1M | WATCH |
| 76 | PERPPerpetual Protocol | 5/10 | 108 | $2.8M | WATCH |
| 77 | STORJStorj | 5/10 | 108 | $12.3M | WATCH |
| 78 | ALCXAlchemix | 5/10 | 108 | $6.6M | WATCH |
| 79 | VELAVela Exchange | 5/10 | 107 | not published | WATCH |
| 80 | SLNDSolend | 5/10 | 106 | not published | WATCH |
| 81 | FXSFrax Share | 5/10 | 105 | $28.3M | WATCH |
| 82 | QUICKQuickSwap | 5/10 | 105 | $7.0M | WATCH |
| 83 | RPLRocket Pool | 5/10 | 104 | $40.8M | WATCH |
| 84 | RDNTRadiant Capital | 5/10 | 104 | $1.0M | WATCH |
| 85 | MLNEnzyme (Melon) | 5/10 | 104 | not published | WATCH |
| 86 | CVXConvex Finance | 5/10 | 103 | $193.9M | WATCH |
| 87 | BADGERBadgerDAO | 5/10 | 100 | $6.4M | WATCH |
| 88 | API3API3 | 5/10 | 99 | $45.0M | PASS |
| 89 | HTHuobi Token | 5/10 | 98 | $16.3M | PASS |
| 90 | REQRequest | 5/10 | 97 | $42.8M | PASS |
| 91 | ANKRAnkr Network | 5/10 | 96 | $46.1M | PASS |
| 92 | BALBalancer | 5/10 | 95 | $9.1M | PASS |
| 93 | ALPACAAlpaca Finance | 5/10 | 95 | $138.7K | PASS |
| 94 | INVInverse Finance | 5/10 | 95 | $6.9M | PASS |
| 95 | MXMEXC Token | 5/10 | 94 | not published | PASS |
| 96 | FARMHarvest Finance | 5/10 | 93 | $5.1M | PASS |
| 97 | NANONano | 5/10 | 90 | $46.6M | PASS |
| 98 | BLURBlur | 5/10 | 84 | $55.8M | PASS |
| 99 | FORTHAmpleforth Governance | 5/10 | 84 | $3.0M | PASS |
| 100 | MASKMask Network | 5/10 | 82 | $45.8M | PASS |
| 101 | BONDBarnBridge | 5/10 | 82 | $93.5K | PASS |
| 102 | MODEMode Network | 5/10 | 72 | $666.9K | PASS |
| 103 | MOVEMovement | 5/10 | 67 | $40.6M | PASS |
| 104 | ARBArbitrum | 4/10 | 134 | $1.25B | CAUTIOUS HOLD |
| 105 | GNOGnosis | 4/10 | 128 | $316.6M | CAUTIOUS HOLD |
| 106 | OPOptimism | 4/10 | 123 | $273.9M | CAUTIOUS HOLD |
| 107 | POLPolygon system Token | 4/10 | 123 | $1.08B | CAUTIOUS HOLD |
| 108 | GRTThe Graph | 4/10 | 121 | $297.6M | CAUTIOUS HOLD |
| 109 | CHZChiliz | 4/10 | 120 | $165.6M | CAUTIOUS HOLD |
| 110 | PRIMEEchelon Prime | 4/10 | 119 | $14.8M | WATCH |
| 111 | STXStacks | 4/10 | 118 | $697.8M | WATCH |
| 112 | APTAptos | 4/10 | 116 | $652.3M | WATCH |
| 113 | QNTQuant | 4/10 | 116 | $3.53B | WATCH |
| 114 | TNSRTensor | 4/10 | 112 | $27.8M | WATCH |
| 115 | FTMFantom | 4/10 | 111 | not published | WATCH |
| 116 | MATICPolygon (Legacy) | 4/10 | 110 | $1.08B | WATCH |
| 117 | DYDXdYdX | 4/10 | 109 | $113.2M | WATCH |
| 118 | BICOBiconomy | 4/10 | 109 | $20.1M | WATCH |
| 119 | XLMStellar | 4/10 | 108 | $7.01B | WATCH |
| 120 | GELGelato | 4/10 | 107 | $498.0K | WATCH |
| 121 | RUNETHORChain | 4/10 | 106 | $234.5M | PASS |
| 122 | GTCGitcoin | 4/10 | 106 | $15.9M | WATCH |
| 123 | THETATheta Network | 4/10 | 105 | $214.2M | WATCH |
| 124 | RONRonin | 4/10 | 104 | $49.1M | WATCH |
| 125 | RSRReserve Rights | 4/10 | 104 | $100.3M | WATCH |
| 126 | KLAYKlaytn | 4/10 | 103 | not published | WATCH |
| 127 | KSMKusama | 4/10 | 103 | $90.6M | WATCH |
| 128 | SHDWShadow Token | 4/10 | 103 | $5.3M | WATCH |
| 129 | CROCronos | 4/10 | 102 | $3.12B | WATCH |
| 130 | TRUTrueFi | 4/10 | 102 | $1.1M | WATCH |
| 131 | APEApeCoin | 4/10 | 102 | $146.9M | WATCH |
| 132 | ZECZcash | 4/10 | 101 | $22.59B | WATCH |
| 133 | VETVeChain | 4/10 | 101 | $692.4M | WATCH |
| 134 | ATHAethir | 4/10 | 101 | $132.9M | WATCH |
| 135 | MCMerit Circle (Beam) | 4/10 | 101 | not published | WATCH |
| 136 | DASHDash | 4/10 | 101 | $683.9M | WATCH |
| 137 | GMTSTEPN | 4/10 | 101 | $25.0M | WATCH |
| 138 | CORECore | 4/10 | 100 | $29.2M | WATCH |
| 139 | FLRFlare | 4/10 | 99 | $609.8M | PASS |
| 140 | CFXConflux | 4/10 | 98 | $265.8M | PASS |
| 141 | MINAMina Protocol | 4/10 | 98 | $121.4M | PASS |
| 142 | NMRNumeraire | 4/10 | 98 | $105.4M | PASS |
| 143 | IOTXIoTeX | 4/10 | 98 | $34.2M | PASS |
| 144 | COTICOTI | 4/10 | 97 | $39.1M | PASS |
| 145 | SKLSKALE | 4/10 | 97 | $26.6M | PASS |
| 146 | ACHAlchemy Pay | 4/10 | 97 | not published | PASS |
| 147 | RADRadicle | 4/10 | 97 | $19.5M | PASS |
| 148 | POOLPoolTogether | 4/10 | 96 | $176.3K | PASS |
| 149 | FLUXFlux | 4/10 | 96 | $191.3K | PASS |
| 150 | CTSICartesi | 4/10 | 96 | $27.7M | PASS |
| 151 | YGGYield Guild Games | 4/10 | 95 | $22.5M | PASS |
| 152 | POLYXPolymesh | 4/10 | 95 | $52.9M | PASS |
| 153 | CELOCelo | 4/10 | 94 | $57.3M | PASS |
| 154 | GLMRMoonbeam | 4/10 | 94 | $13.9M | PASS |
| 155 | RLCiExec | 4/10 | 94 | $61.1M | PASS |
| 156 | CKBNervos Network | 4/10 | 93 | $61.4M | PASS |
| 157 | 1INCH1inch Network | 4/10 | 93 | $138.1M | PASS |
| 158 | OSMOOsmosis | 4/10 | 93 | $26.6M | PASS |
| 159 | PROPPropy | 4/10 | 93 | $35.2M | PASS |
| 160 | MBOXMOBOX | 4/10 | 92 | $298.5K | PASS |
| 161 | HOPRHOPR | 4/10 | 92 | $8.7M | PASS |
| 162 | SNTStatus | 4/10 | 92 | $38.1M | PASS |
| 163 | ALPHAAlpha Venture DAO | 4/10 | 91 | $483.2K | PASS |
| 164 | PONDMarlin | 4/10 | 91 | $14.2M | PASS |
| 165 | TRBTellor | 4/10 | 90 | $56.4M | PASS |
| 166 | CELRCeler Network | 4/10 | 90 | $22.9M | PASS |
| 167 | ETCEthereum Classic | 4/10 | 90 | $1.32B | PASS |
| 168 | ALICEMy Neighbor Alice | 4/10 | 89 | $16.9M | PASS |
| 169 | HIGHHighstreet | 4/10 | 88 | not published | PASS |
| 170 | SXPSolar | 4/10 | 88 | $2.5M | PASS |
| 171 | DENTDent | 4/10 | 88 | $6.2M | PASS |
| 172 | LEVERLeverFi | 4/10 | 87 | not published | PASS |
| 173 | NOSNosana | 4/10 | 86 | $52.5M | PASS |
| 174 | AGLDAdventure Gold | 4/10 | 86 | $18.0M | PASS |
| 175 | CANTOCanto | 4/10 | 86 | $2.0M | PASS |
| 176 | IDEXIDEX | 4/10 | 77 | $838.1K | PASS |
| 177 | MCBMCDEX | 4/10 | 76 | $8.9M | PASS |
| 178 | SUSHISushiSwap | 4/10 | 74 | $66.7M | PASS |
| 179 | RVNRavencoin | 4/10 | 74 | $36.1M | PASS |
| 180 | BANDBand Protocol | 4/10 | 73 | $40.8M | PASS |
| 181 | RBNRibbon Finance | 4/10 | 68 | $1.7M | PASS |
| 182 | BTCBitcoin | 3/10 | 183 | $1.67T | HOLD CORE |
| 183 | UNIUniswap | 3/10 | 167 | $4.91B | HOLD |
| 184 | TAOBittensor | 3/10 | 128 | $3.29B | CAUTIOUS HOLD |
| 185 | RENDERRender Network | 3/10 | 127 | $1.05B | CAUTIOUS HOLD |
| 186 | TIACelestia | 3/10 | 120 | $432.0M | CAUTIOUS HOLD |
| 187 | KASKaspa | 3/10 | 114 | $1.11B | WATCH |
| 188 | HBARHedera | 3/10 | 112 | $4.09B | WATCH |
| 189 | YFIYearn Finance | 3/10 | 111 | $86.4M | WATCH |
| 190 | TONToncoin | 3/10 | 110 | $4.02B | WATCH |
| 191 | FETFetch.ai (ASI Alliance) | 3/10 | 109 | $522.8M | WATCH |
| 192 | OMMANTRA | 3/10 | 108 | $29.1M | WATCH |
| 193 | PYTHPyth Network | 3/10 | 107 | $557.2M | WATCH |
| 194 | SSVSSV Network | 3/10 | 106 | $42.1M | WATCH |
| 195 | ZROLayerZero | 3/10 | 106 | $850.4M | WATCH |
| 196 | DOTPolkadot | 3/10 | 103 | $1.88B | WATCH |
| 197 | ICPInternet Computer | 3/10 | 102 | $1.75B | WATCH |
| 198 | FILFilecoin | 3/10 | 101 | $867.2M | WATCH |
| 199 | ILVIlluvium | 3/10 | 101 | $31.5M | WATCH |
| 200 | AUDIOAudius | 3/10 | 101 | $22.7M | WATCH |
| 201 | SEISei | 3/10 | 100 | $457.3M | WATCH |
| 202 | ALGOAlgorand | 3/10 | 97 | $1.05B | PASS |
| 203 | XTZTezos | 3/10 | 88 | $336.3M | PASS |
| 204 | PEAQpeaq | 3/10 | 88 | $102.2M | PASS |
| 205 | GOGGuild of Guardians | 3/10 | 86 | $960.1K | PASS |
| 206 | EGLDMultiversX (prev. Elrond) | 3/10 | 85 | $123.2M | PASS |
| 207 | ROSEOasis Network | 3/10 | 84 | $62.0M | PASS |
| 208 | WAXPWAX | 3/10 | 81 | $26.9M | PASS |
| 209 | KAVAKava | 3/10 | 80 | $71.7M | PASS |
| 210 | PRCLParcl | 3/10 | 80 | $5.5M | PASS |
| 211 | FLOWFlow | 3/10 | 78 | $53.4M | PASS |
| 212 | LRCLoopring | 3/10 | 78 | $13.2M | PASS |
| 213 | AXSAxie Infinity | 3/10 | 76 | $207.3M | PASS |
| 214 | BTTBitTorrent | 3/10 | 76 | $357.4M | PASS |
| 215 | SUPERSuperVerse | 3/10 | 67 | $144.5M | PASS |
| 216 | SPELLSpell Token | 3/10 | 63 | $16.0M | PASS |
| 217 | GALAGala Games | 3/10 | 53 | $114.2M | PASS |
| 218 | JTOJito | 2/10 | 134 | $263.0M | CAUTIOUS HOLD |
| 219 | HNTHelium | 2/10 | 122 | $97.6M | CAUTIOUS HOLD |
| 220 | XRPXRP | 2/10 | 121 | $90.31B | CAUTIOUS HOLD |
| 221 | COMPCompound | 2/10 | 119 | $234.1M | WATCH |
| 222 | ADACardano | 2/10 | 113 | $9.57B | WATCH |
| 223 | EIGENEigenLayer | 2/10 | 107 | $226.1M | WATCH |
| 224 | LTCLitecoin | 2/10 | 102 | $5.15B | WATCH |
| 225 | ATOMCosmos | 2/10 | 96 | $899.5M | PASS |
| 226 | WWormhole | 2/10 | 92 | $93.6M | PASS |
| 227 | IOTAIOTA | 2/10 | 78 | $248.2M | PASS |
| 228 | NEONeo | 2/10 | 68 | $166.5M | PASS |
| 229 | MANADecentraland | 2/10 | 66 | $197.1M | PASS |
| 230 | ZILZilliqa | 2/10 | 63 | $64.9M | PASS |
| 231 | QTUMQtum | 2/10 | 61 | $97.7M | PASS |
| 232 | SANDThe Sandbox | 2/10 | 58 | $219.2M | PASS |
| 233 | KDAKadena | 2/10 | 50 | $3.0M | PASS |
| 234 | AVAXAvalanche | 1/10 | 138 | $4.93B | CAUTIOUS HOLD |
| 235 | ONDOOndo Finance | 1/10 | 115 | $2.27B | WATCH |
| 236 | PENGUPudgy Penguins | 1/10 | 104 | $535.4M | WATCH |
| 237 | ORDIORDI | 1/10 | 96 | $88.5M | PASS |
| 238 | BONKBonk | 1/10 | 93 | $300.8M | PASS |
| 239 | PEPEPepe | 1/10 | 92 | $1.70B | PASS |
| 240 | WLDWorldcoin | 1/10 | 89 | $1.96B | PASS |
| 241 | DOGEDogecoin | 1/10 | 89 | $13.83B | PASS |
| 242 | FLOKIFLOKI | 1/10 | 88 | $257.5M | PASS |
| 243 | WIFdogwifhat | 1/10 | 88 | $227.9M | PASS |
| 244 | NOTNotcoin | 1/10 | 73 | $45.0M | PASS |
| 245 | POPCATPopcat | 1/10 | 73 | $46.9M | PASS |
| 246 | SHIBShiba Inu | 1/10 | 71 | $3.17B | PASS |
| 247 | JASMYJasmyCoin | 1/10 | 67 | $243.3M | PASS |
| 248 | DOGSDOGS | 1/10 | 62 | $22.6M | PASS |
| 249 | MEMEMemecoin | 1/10 | 57 | $36.6M | PASS |
| 250 | NEIRONEIRO | 1/10 | 56 | $35.3M | PASS |
| 251 | ONEHarmony | 1/10 | 48 | $32.9M | PASS |
Scores come from the research pass dated 18 Sept 2026 and do not move with price. Market capitalisation is from the live snapshot fetched 7 Oct 2026, so the two columns are stamped at different times on purpose.
05
Variables that move with this one
Correlations across all 251 rated tokens. A number near 1 means the two variables are close to the same measurement, which is worth knowing before treating a second high score as independent confirmation of the first.
06
Common questions
- Which crypto tokens score highest on p/s multiple?
- Across Protocol (ACX) at 9, Maker / Sky (MKR) at 8, CoW Protocol (COW) at 8, Ether.fi (ETHFI) at 8, Aave (AAVE) at 8 lead the 251 rated tokens on P/S Multiple, each scored 1 to 10 against the same definition.
- What is a good p/s multiple score?
- The median across the universe is 4 of 10 and the mean is 4.2, so anything at 7 or above sits well inside the top of the distribution. Only 1 of 251 tokens reach 9 or 10.
- Does p/s multiple affect a token's market cap?
- Rank correlation between P/S Multiple and market capitalisation is -0.12 across 236 tokens with live market data. That is close to none, so the market is not pricing this variable today.
Keep reading
Research and analysis, not investment advice. Correlations describe the rated universe at one point in time and are not predictions.