There is the company (model, management, etc), the price of the share (or in this case the token), and fundamentals of how the company is doing. In my experience from trading traditional stocks, it all matters but you have to look at the whole picture.

I used to get very angry whenever a company I had invested in published great earnings and the stock tanked because they didn't hit estimates or the outlook wasn't in line with wall streets expectations. These were still great companies and had great fundamentals but the price didn't match the whole narrative.

Take GOOG right now. 99% of the companies out there would love there top and bottom line numbers. Yet the stock price has wobbled in a range around $900 a share for a while. The other FANG stocks have made better YTD gains. If I were invested in GOOG right now i would be a little angry but my experience with trading allows me to understand why fundamentals and future outlook doesn't matter as much as you want it to.

Going back to NEO. Lets agree that it has all the makings for a great company that will make a ton of money one day. But right now it has FUD, large market negative sentiment to battle, along with the facts that it needs to get off the ground. In sum, the MC just didn't justify the price or the gain given the big picture.

Disclaimer. I missed the boat on NEO. I was about to go all in when it shot up to $50. I didn't lose my cool. There are always pull backs and watched the action. My younger self would have bought in by now due to FOMO and my emotions about NEO in general but we are dealing with hard earned money.

ANYONE that has ridden NEO from $50 shouting HODL on the way down will eventually lose his shirt in trading. You must look at the charts and market conditions more than the fundamentals of the company. Yes that even applies to people that bought in at a very cheap entry price.