True, but that essentially describes the entire top 10 list for crypto in a nutshell.
Most of those projects aren’t ranked by “best technology,” “most decentralized,” or “highest real usage.”
They’re there because they got there first, built the strongest liquidity moats, or captured the best narrative at the right time, and then started upgrading enough to stay there.
But most of them are not the best in their field.
Dogecoin didn’t make it on utility.
USDT and USDC are there because they had better marketing than DAI, and play hard on that USD connection that more newcomers felt comfortable with.
Even the RWA name that cracked the list (FIGR_HELOC) rode the current hot story and got lucky. If another RWA project had gained more traction to get there first, it would still be there.
In crypto the market rewards momentum, distribution, and storytelling more than pure underwriting, and if it gets them high enough, and widespread enough, they can hang on by virtue of being first.
Utility eventually matters for longevity, but price action and rankings are still mostly driven by “everyone wants a piece of the narrative.”
$SPCX is just an especially clean example right now.