Everyone building products to launch new tokens.

Basically no one building products to make those tokens actually valuable.

If you're wondering why every memecoin is dumping its because 99% have no means of value capture and no meaningful product experience around them.

Good meme is the starting point - not the end all be all.

Onchain is the new online - FID 206 -  Building /coop-recs

I mean, you’re not wrong Coop, but even the “major” meme coins don’t have any real value proposition or meaningful product either.

It’s all a game about trying to catch on gain ludicrous momentum.

Most of the time I have to assume there has been some social engineering under the hood by some types of cabals to send these tokens into the stratosphere.

I used to hate them (memecoins) because of the points you’re making and the fact that they’re soaking up tons of liquidity from real projects, but since it’s blatantly clear that they’re going nowhere, we night as well have fun with them.

Basically, the crypto casino.

It's just like every new L1 or L2 that does it just a little bit differently, maybe more TPS, more decentralized, in the end, It's just another ghost chain. Most likely backed by millions of VC money.