After the sneaky vampire attack by TRUMP/MELANIA, crypto has reached the peak of its attention curve. Who can surpass the social capital of the U.S. President? (Kanye? Elon?) Everyone with ears has already heard about crypto—the unregulated casino where the house always wins (and the client loses). Fragmentation of liquidity is killing every sector (e.g., L2 mania), and the memecoin sector is no exception.

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When’s the buyback, damn it? (I’m long on LDO, sorry). An additional factor is institutional money! The amount of minted stables is continuously growing, and I don’t believe that, given the current price action, it’s retail bringing their salaries to the casino. As I wrote in a previous post, institutions need time to deploy capital. Besides time, they need a reliable thesis (does the AAVE thesis sound reliable?—$134M in annual revenue, a market leader with the potential for exponential growth amid deregulation and the merging of DeFi and TradFi). Examples of real-yield projects: AAVE, CRV, AERO, RAY, JUP, KMNO, HYPE, etc.—just off the top of my head, I’ll do more research.

Thousands of new launches are tearing apart both attention and liquidity. But let’s recall Murad’s thesis: any crypto token is essentially a memecoin. Just a chip on the gaming table, with a brief bullish narrative on a carelessly slapped-on label. Historically, during times of crisis of faith, ideas, and expectations, people often return to traditional values. What are the traditional values in the market of speculative assets? The good old Price-to-Earnings (P/E) Ratio! In crypto terms: REAL YIELD. Projects that have real cash flow, pocket profits, and can/want to conduct buybacks of their own tokens. From the "can" perspective, the situation has significantly improved after the shift in rhetoric from the SEC and regulators in general. Fundations can act more boldly, right, LIDO?