Many people analyze projects by looking at funding and narratives first, but those actually trading tend to think more straightforwardly—will this thing be genuinely used?

Walrus has a easily overlooked characteristic: it doesn't derive value from being held, but from being used and reused. This is crucial for traders.

Most infrastructure tokens share a common problem—demand is unstable. During a bull market, on-chain activity explodes, and everyone uses it very frequently; once sentiment cools, usage drops sharply, and fees collapse as well.

But the storage logic is different. As long as the application is alive, data is continuously generated, and fees won't suddenly drop to zero. This means Walrus corresponds to a persistent, slow but stable demand structure. It doesn't have short-term explosive points; instead, it resembles "basic consumables"—assets of this type are usually re-evaluated by the market only in the later stages of a bull market.

If you treat Walrus as a short-term sentiment indicator, it's indeed easy to misunderstand. But placing it within a "long-term infrastructure basket" framework makes the logic much clearer.