Tokens rated CAUTIOUS HOLD

Every token the 25-variable framework rated CAUTIOUS HOLD, ranked by composite score against the full 251-token universe.

39 of 251 rated tokens (16%). Scoring pass 11 Jun 2026.

Tokens

Median score

128

of 250

Best

151

VIRTUAL

Weakest

120

CHZ

What this group has in common

Held, but on notice. Enough of the framework still works to justify a position, while at least one variable is deteriorating fast enough to matter. Across the 39 tokens in this band the median composite is 128 of 250, running from 120 at the bottom to 151 at the top. The aggregate below shows where the band earns its score and where it consistently falls short, which is usually more informative than any single member.

Collectively strongest on

Developer Activity6.03
Circulating / FDV Ratio6
Team Execution5.92

Collectively weakest on

BTC Alpha Potential4
Buyback and Burn4.18
Holder Concentration4.46

Figures are the mean 1-to-10 score across all 39 members of the group, so they describe the group as a whole rather than any single token.

Ranked members

Ordered by composite score. The rank column is the position across the whole 251-token universe, not within this group, so it shows where each member stands against everything else that was rated.

39 tokens in the CAUTIOUS HOLD group, ranked by composite score
Rank	Token	Score	Verdict	Market cap	Dilution	Summary
19	VIRTUAL Virtuals Protocol	151	CAUTIOUS HOLD	$377.6M	1.52x	AI agent launchpad on Base with 18K+ agents but revenue collapsed 96% ($225K/day peak to $8.9K/day). aGDP is vanity metric. 93% whale concentration. ERC-8183 with Ethereum Foundation is real moat signal
25	FLUID Fluid (Instadapp)	145	CAUTIOUS HOLD	$94.6M	1.27x	Unique Smart Collateral/Debt DeFi primitive (39x capital efficiency). $12.66M rev trailing BUT $5.6M current run rate (declining -63%). Buybacks HALTED post-Resolv ($21M bad debt). TVL -92% from peak. P/S 6.8x trailing / 15.4x current. Zero inflation, 78.7% circ. Top-tier VCs (Pantera, Naval, Coinbase). 55% stablecoin swap share.
30	SKY Sky (formerly Maker)	141	CAUTIOUS HOLD	$1.32B	1x	VALIDATED: DeFi revenue leader ($246M net, P/S 5.4x) but headline '$435M' is GROSS before $165M SSR payouts. Buybacks slashed 87% until ~Nov 2026. Net inflationary 4.4%/yr. TVL declining $7.5B→$6.0B. S&P B-. #3 stablecoin ($12.9B). Revenue real but token value accrual IMPAIRED.
34	INJ Injective	139	CAUTIOUS HOLD	$465.2M	1x	Finance-first L1 with aggressive burn mechanism and real derivatives volume. P/S ratio improving but TVL still modest vs valuation.
35	KMNO Kamino Finance	138	CAUTIOUS HOLD	$96.6M	1.91x	S38 VALIDATED: #1 Solana lending, $3.2B TVL, $14.3M rev, but ZERO value accrual to KMNO. Excellent protocol, worthless token.
35	AVAX Avalanche	138	CAUTIOUS HOLD	$2.78B	1.67x	Best institutional traction among alt-L1s (3 ETFs, BlackRock BUIDL $475M, SEC commodity, FIFA World Cup, CME futures). Revenue weakness real ($767K/yr current vs HYPE $694M = 905x gap). Subnet L1s complement, not cannibalize.
37	ENS Ethereum Name Service	137	CAUTIOUS HOLD	$172.8M	2.44x	Ethereum's dominant naming system with $2M+ monthly protocol revenue and a fee switch already enabled
37	ACX Across Protocol	137	CAUTIOUS HOLD	$27.6M	1.42x	Intent-based cross-chain bridge. Highest revenue-per-dollar-bridged. 100% fee buyback to stakers.
39	NEAR NEAR Protocol	135	CAUTIOUS HOLD	$2.19B	1x	46M MAU, $117M TVL. P/S 32-38x (not 290x, post-Intents revenue). AI Intents already live.
39	BANANA Banana Gun	135	CAUTIOUS HOLD	$14.1M	2.49x	Telegram trading bot with real revenue and buyback mechanism but entirely dependent on on-chain trading volume cycles
39	BGB Bitget Token	135	CAUTIOUS HOLD	$1.13B	2.86x	Bitget exchange token. Quarterly buyback & burn. Copy trading platform.
42	ARB Arbitrum	134	CAUTIOUS HOLD	$519.2M	1.51x	Largest Ethereum L2 by TVL with Arbitrum One and Nova chains. Real DeFi hub but token governance hasn't yet captured protocol value effectively.
42	JTO Jito	134	CAUTIOUS HOLD	$246.0M	1.97x	Solana MEV and liquid staking with $2.8B TVL; jitoSOL growing fast but JTO governance has no direct fee accrual yet.
44	SAFE Safe (formerly Gnosis Safe)	132	CAUTIOUS HOLD	$67.2M	1.3x	Token for the dominant smart-contract wallet securing $100B+ in assets, but governance token with minimal direct value accrual so far
45	SNX Synthetix	130	CAUTIOUS HOLD	$124.8M	1x	Best tokenomics (zero inflation, 100% fee buyback, 99.7% circ) but losing perps war. sUSD at $0.74.
46	RAY Raydium	129	CAUTIOUS HOLD	$166.4M	2.06x	Cyclical memecoin infrastructure. Revenue collapsed 76% from peak. PumpSwap forking the model.
46	OLAS Olas (Autonolas)	129	CAUTIOUS HOLD	$7.5M	1.62x	Autonomous AI agent infrastructure with multi-chain deployment; technically deep but lost to Virtuals on narrative and accessibility
46	AKT Akash Network	129	CAUTIOUS HOLD	$145.3M	1.31x	Decentralized GPU cloud marketplace with real revenue; GPU demand tailwind but AKT P/S stretched vs actual compute revenue.
49	GNO Gnosis	128	CAUTIOUS HOLD	$280.3M	1.14x	Gnosis Chain validator token and Safe network governance token with real utility and Ethereum alignment, but niche chain and high price vs fundamentals
49	TAO Bittensor	128	CAUTIOUS HOLD	$1.85B	2.19x	Decentralized AI network with 64 subnets; narrative-driven but real compute marketplace emerging; BTC-like emission schedule.
51	RENDER Render Network	127	CAUTIOUS HOLD	$694.4M	1.24x	Decentralized GPU rendering marketplace correlated with the AI hype cycle. Real utility but valuation stretched vs actual render job revenue.
51	BERA Berachain	127	CAUTIOUS HOLD	$50.7M	1.76x	Novel Proof-of-Liquidity L1 with highest post-launch TVL in history, but BERA token down 97.5% and PoL is untested long-term
53	LEO UNUS SED LEO	126	CAUTIOUS HOLD	$8.98B	1.07x	Bitfinex/iFinex exchange token. Monthly buyback & burn from profits.
54	TRX TRON	125	CAUTIOUS HOLD	$31.06B	1x	USDT settlement network with massive stablecoin volume. Real revenue but Justin Sun legal issues and centralized governance are persistent overhangs.
56	OP Optimism	123	CAUTIOUS HOLD	$198.9M	1.88x	Ethereum L2 with Superchain vision and OP Stack powering Coinbase Base. Real sequencer revenue but massive token vesting schedule is the key headwind.
56	POL Polygon system Token	123	CAUTIOUS HOLD	$799.2M	1x	Polygon's new staking and gas token replacing MATIC. AggLayer cross-chain aggregation is the core thesis but token vesting schedule is heavy.
56	CAKE PancakeSwap	123	CAUTIOUS HOLD	$451.3M	1.24x	BSC's dominant DEX with $1.5B TVL and real fee revenue; aggressive CAKE burn ongoing but BNB network dependence limits upside.
56	LPT Livepeer	123	CAUTIOUS HOLD	$63.3M	1x	Decentralized video transcoding network. Real compute demand from video platforms.
56	GT GateToken	123	CAUTIOUS HOLD	-	1.14x	Gate.io exchange token. Quarterly buyback & burn.
56	ORCA Orca	123	CAUTIOUS HOLD	$65.9M	1.64x	Concentrated liquidity DEX on Solana. Whirlpools with user-friendly UX.
62	HNT Helium	122	CAUTIOUS HOLD	$33.1M	1.23x	Pioneer decentralized wireless network with real Solana migration complete; MOBILE/IOT subDAOs growing but HNT value accrual thin
63	GRT The Graph	121	CAUTIOUS HOLD	$156.2M	1x	Web3 data indexing with 700+ subgraphs; real query fee revenue but P/S elevated and token inflation from indexer rewards dilutes holders.
63	XRP XRP	121	CAUTIOUS HOLD	$65.52B	1.6x	Ripple's payment token with SEC case mostly resolved. Institutional cross-border payment rails narrative intact but XRPL DeFi negligible.
63	VELO Velodrome Finance	121	CAUTIOUS HOLD	$22.9M	2.02x	Optimism's native DEX being cannibalized by Aerodrome on Base; V3 migration is make-or-break inflection
63	MAV Maverick Protocol	121	CAUTIOUS HOLD	$9.7M	1.71x	Concentrated liquidity AMM with directional LP. Gas-efficient automated LP strategies.
63	VRTX Vertex Protocol	121	CAUTIOUS HOLD	-	13.16x	Hybrid DEX combining spot, perps, and money markets on Arbitrum.
68	ENA Ethena	120	CAUTIOUS HOLD	$902.8M	1.53x	USDe supply crashed 65% from $12B peak. BaFin banned under MiCA. Brutal vesting schedule.
68	TIA Celestia	120	CAUTIOUS HOLD	$315.2M	1.23x	Modular DA layer with strong VC backing and developer traction; only 22% circulating means severe multi-year open dilution ahead.
68	CHZ Chiliz	120	CAUTIOUS HOLD	$135.8M	1x	Sports fan token platform. Socios.com with 100+ sports teams.

Dilution is eventual supply divided by circulating supply, derived from supply counts rather than from a fully diluted valuation, so it does not move with price. A 1x reading means the float is already complete.

Keep reading

All 251 rated tokensThe full ranking and the method behind the 25 variables.Virtuals Protocol (VIRTUAL), the group leader151 of 250, 19th across the whole universe.

Market caps from CoinGecko, fetched 6 Aug 2026. Scores come from the research pass dated 11 Jun 2026. Research and analysis, not investment advice. Early Thunder scores are one framework applied consistently across 251 tokens, not a prediction of price.