Does crypto pricing just ride the hype train or is there more to it? In crypto, what does "undervalued" mean?

All right, guys!

I used to play the stock valuation numbers game. I had the good old days of cash flow projections. Still have my trusty model (Excel), but now it's more of a toy than a tool. That's the problem: crypto has no cash flow.

My question here is straightforward: Is crypto pricing just riding the hype train, or is there more to it than meets the eye? Also, what's up with 'undervalued' tokens? What should we look at?

Toying with the idea of assessing metrics from 'undervalued' gems mentioned on Twitter (I'll start with DeFi) and then analyzing them.

I want to gather data on P/E ratios, active addresses, fees, growth rates, gas costs, and yields. Also, I need the historical token prices and the annualized protocol revenue. I'm using customized Oracles from Pyth (they have a tutorial channel on YT) and Dia (they have an Oracle builder tool) for some of the data, but I don't have it all yet. I'm sure Python can get the job done with some custom APIs, but it's going to be a big adventure to get all of the data.

What secret metrics do you guys use to value projects? What else should I be looking at?