DAOs are bull market phenomena (for now).

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More like they expand and contract with the market cycles - same as trad orgs but maybe more volatile. But similar to a normal cycle, a lot of businesses emerge in bull markets

Does it include NounsDAO as well? Are you suggesting that DAOs thrive during bull markets but wither away when the bulls retreat? Does this imply that the efforts of DAO members are largely inconsequential in the face of broader market trends?