If your investment model is that [memecoin] is like leveraged ETH, why not hold leveraged ETH directly?

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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Highly misleading. What does DEGEN still have to do with Farcaster? It launched an L3 and went on all sorts of random side quests. Also, it has made Farcaster significantly worse over the last months and the Farcaster team has actively worked to mitigate the damage. Farcaster has been up into the right top corner stats wise. DEGEN has been going in the inverse direction 🤣

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DEGEN def not leveraged ETH

DEGEN is leveraged Farcaster equity

farcaster engineering liquidity • prev manifold.xyz, twilio.com

wow 40% is nuts. Why is that so high? One would think that this can be achieved at much lower rates, or not? Borrowing ETH on Aave is at 2% annually atm

For a while most of my holdings were ETH, BTC leveraged at 2x.

Was doing perpetuals but you have to watch for fees, aka funding rate. Can get expensive under volatility (e.g. 40% annualized on dydx)

Degen is warpcast meme, both goes hand in hand. Remember when OG NFT were selling for 4ETH, now sentiment is low and lens is moving forward, tipping is extremely low and 1confirmation deal will unlock in August.