Memes

my lingering theory is that pumpdotfun and the various derivatives obliterated any chance of bull run to maintain momentum in 2024.

sucked in all liquidity that should have went to actual projects, 95% of users lost money to scams, and winners cashed out.

completely extractive. "memecoin supercycle" narrative incredibly dumb.

Counter take continuous unlocks of legit projects (Arb, etc) have soaked up price action as teams struggle to maintain FDV

…and the economy doesn’t have the outside forces (stimmy etc) which may have pulled forward demand during the last cycle. 

Also what new projects this cycle have captured mind share from those outside of the space before the cycle started.

Also don’t necc disagree with your take,