A project may sit right at the intersection of AI, infrastructure, and digital assets, yet its token can still lack organic demand. If users have no need to hold the token, revenue does not flow back to it, or supply continuously creates selling pressure, a narrative only helps attract initial attention.
Token analysis requires separating the market story from value accrual mechanisms. A narrative explains why a sector is worth paying attention to; tokenomics must answer why this specific asset needs to exist and who will buy it once the media campaign ends.