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right: ETH, left: memecoin

Memecoins aren't leveraged ETH for the simple reason that they're not holding ETH's price level. DEGEN has been headed down further, while ETH hasn't. 

It seems they do amplify directional momentum though. E.g DEGEN went up quite significantly with the 20% ETH ETF pump on May 20th. Still, wouldn't have holding literal leveraged ETH performed better over the last 3m here?

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