pure memecoins are a pyramid scheme that will collapse as soon as 

A) the same people keep winning (as this means the average person is losing $ consistently)

and

B) new buyers entering the system are exhausted (there's a limited amount).

A is already happening (KOLs are driving token prices top down) & not sure how much of B is left.

History rhymes - exact same thing happened with NFTs.

Building FOSS via @frames, /open-frames to help decentralized social win. a16z CSX23. farcasterchannels.com farcaster.id

sure and how does that differ from “governance” tokens being launched for the next big L2 etc., that nobody buys/holds for gov rights but rather to speculate on?

building /juicebox | product marketing & growth | prev. NounsDAO, RAW DAO | learning to code

if I bought 51% of ENS gov token for $XXXM (market cap ~500M), I could turn on a fee switch for gov token holders (30M rev/yr) or influence governance to achieve other objectives that have financial upside (like shorting ETH & sabotaging ENS)

would take hundreds of millions of capital, not relevant to any retail buyer or average market participant

and most of these “DAOs” won’t turn on fee switches because 1) they don’t generate enough revenue 2) they’re beholden to investors, not token holders 3) U.S. regulatory environment