Woofun AI reports that Tiger Research released a study titled "Shifts in the 2026 Crypto Market: From Narratives to PMF," stating that broad market narratives no longer drive the cryptocurrency sector. The analysis concludes that real user demand and product-market fit now determine project survival, replacing hype-driven themes like DeFi or NFTs that previously guided capital flows. Stablecoins, real-world assets, meme coins, DeFi, and prediction markets have maintained user engagement and revenue despite weak overall market conditions.

The report emphasizes that projects with recurring user bases and concrete metrics such as trading volume, total value locked, and fee revenue are likely to endure. It argues that sustainable revenue models and network effects are essential for true product-market fit, while token prices alone do not ensure long-term survival. For investors and builders, the shift implies that fundamentals and on-chain activity outweigh speculative themes, rewarding discipline and execution over hype.