Your analysis are quite insightful but it's important to note that coins like BTC, ETH, XRP BNB & BGB have very high Mcap yet it's the top priority of traders and even newbies coming to the space. It all depends on individual perspective and level of patience, BTC and other tokens listed above can still do 10× or more in the next bullrun with such a huge mcap already. But for new start-up projects, aside the points you have raised, the calibre of cex that list them could also be a good factor because most times, this tokens get exposure when the secure top cex listing from exchanges like Bitget, Binance and Coinbase. A good example is SHRAP that was listed few weeks ago on Bitget. The token is currently bullish showing a complete variation from the initial listing price.