From ridiculously overvalued to troubled.

The startup and VC bubble is tied to a booming stock market, but stocks are unraveling, and that strangles the money flow.

Reverse stock splits keep them from getting delisted. But some didn’t even get that far and filed for bankruptcy, like, WOW that was fast.

But cryptos and DeFi created a big mess as hidden leverage is blowing up, and the mess spread to stocks.

Hit by the brick-and-mortar meltdown years ago, it attracted short sellers, which attracted meme stock traders, which blew up the short sellers, and then each other.

A chart like this is an indictment of Wall Street and the hype-and-hoopla machine that pumped and dumped this stuff on the most gullible retail investors ever.