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Researcher Identifies 132 "Cash Flow" Crypto Tokens as Bear Market Investment Candidates
Ignas | DeFi Research has identified 132 "investable" tokens from 17,148 tracked by CoinGecko, with 45 distributing $153 million in monthly holder rewards ($1.8 billion annualized), data from DefiLlama, CoinMarketCap, Dexu, Moni and LunarCrush show. Hyperliquid and Pump.fun account for 69% of total holder payouts among these 45 tokens, while Pump.fun and Aerodrome show low price-to-sales ratios compared with Uniswap and Aave. The study also highlights 16 protocols including Lido, CoW Protocol, Meteora, Virtuals Protocol and Drift generating at least $100,000 in monthly revenue but retaining income in treasuries, alongside segments such as exchange tokens (BNB, LEO, OKB), L1 blockchains (BTC, ETH, TRX, XRP, ADA, Cosmos), AI and computing (Venice, Bittensor, Render, Akash, Grass), RWA, privacy coins (Monero, Zcash), memecoins (DOGE, SHIB, PEPE, BONK, FLOKI, WIF), L2s, DePIN, oracles and stablecoin infrastructure led by Ethena. Ignas concludes that ideal bear-market holdings combine holder rewards, low P/S, high MC/FDV and steady demand, highlighting Pump.fun, Aerodrome, JUP, SKY, CAKE, exchange tokens LEO, OKB and GT, and "high risk, high reward" HYPE, while urging traders to monitor governance changes at Lido, Meteora, Drift and CoW Protocol for potential dividend switches.