Insane ICO. Insane TenX

TenX hit 0.5 billion valuation today. Insane. I already wrote that TenX is overvalued when it had 80M valuation, but current valuation is Insane for the company that does not have a product yet. And why does TenX have 10-15x higher valuation than Mona.co or Tokencard?

And what i used miss all the time that real valuation is almost 2x, because not all the coins are circulating and current market capitalization is counted only with circulating coins.