While that analysis makes some compelling points, it overlooks a critical distinction between the dotcom crash dynamics and today's crypto landscape. The fundamental difference isn't just about valuations—it's structural.

During the dotcom bubble, you could use internet products without owning the underlying company stock. A user accessed Pets.com or AOL without needing to purchase shares. That's not how L1 blockchains work. You cannot transact on a Layer 1 network without its native gas asset. The token isn't just a speculative instrument—it's the operational lifeblood of the entire system.

This embedded utility fundamentally changes the valuation calculus. The gas asset serves a dual purpose: it's both an economic incentive mechanism and a practical requirement. That's why comparing crypto market cycles to dotcom valuations can be misleading. The underlying assets solve different problems and operate under entirely different constraints.