The author highlights overvaluations in several crypto assets, suggesting they are trading at inflated fully diluted valuations (FDV) relative to their utility or fundamentals. Specifically, $ASTER is noted at a $16B FDV despite a "trash perp dex," $XPL at $15B FDV "for no reason," and $MEGA at $1B FDV with a 1-year lockup. This implies a bearish outlook on these assets due to perceived speculative pricing.