There are countless tokens that are undervalued relative to their revenue/profit.

Most of the market just doesn't know enough about them, so even if they're "undervalued," there's no indication that new money will catch up to the same thesis.

This is significantly less true for stocks of public companies.

Why?

I think it’s because the revenue doesn’t actively accrue to token value

If there were rev share or buybacks or something they’d get valued closer to traditional companies

Uniswap is a canonical example here as value goes to Labs equity and the token is just a gov token until there’s a fee switch

this 

end of day, our tokens are intrinsically worthless until we build any real value into them 

right now they attract attention traders, in order to hold a proper valuation they need to attract investors—those that will do the modeling work, build conviction & catch those falling knives, continuously adding to positions as opposed to rotating 

72 hour holding periods versus 6-18 month+