Our total market cap sits at ATH levels from 2021 run.
Yet the sentiment is anything but 'everything up'.
AVAX is still down -70% from ATH
Even SOL, that's the big beast nowadays can't seem to reach its previous highs.
Yet they're holding position amongst the top majors.
Aside from majors, everything else is bleeding. The correction we had in April and May shook out degen hands even more and again, people holding onto alts, or memes, are generally significantly down between the two time periods.
Leads to believe this time is different... the market has matured enough, and we're no longer *that* early. We're seeing a split - into the institutional & corporate crypto - and the casino. We seem to lack that innovative crazy middle-ground - where indie teams will simply create cool stuff and try things out. These are signs of maturity.
Degen opportunities are becoming scarce. At these global mcap levels in 2021-2022, we had crazy defi experiments, ponzis, p2e games and a hell-a-lot of broken promises - yet it was lively, fun, uplifting - where people were simply having fun and it wasn't that much of a PvP.
Did we lose it somewhere? Is it fun anymore?
Are you having fun, anon?
Imo there is too much drama about memecoins. Everyone wanna be rich quick and uncountable memecoins go live. Why does a chain need more than 2-3 memecoins? There is no sense.
If people would focus on those teams who try great things out, we would see much more success over this space in the small cap area. Instead we see PvP and dozens of bigger accounts just talking about memecoins instead of those indie innovators.
CT was all about memecoins in 2021 too. Heck, those guys wearing miladies and charging 20 eth per tweet are the same crowd from BSC 3 years ago.
Only difference is, this time, CT has far more weight than 3 years ago.
3 years ago, most normies had nothing to do with Twitter, and found their way in through YouTube or Reddit.
Those times definitely had been different and fun. Remembering all the Twitter raids. Community work at its finest! Don't know if this is seen too often nowadays anymore.
at least 2 things we should see to calm down before going to regular market cycles :
- MEME coin mania
- ETFs
MEMEs effecting mostly SOL chain positively in this cycle.
And ETFs => BTC & ETH
Is it that different, though? Bitcoin is leading the way, just like it always does at the beginning of a new cycle.
The only difference I see is that Ether didn't show its usual weakness against Bitcoin as pronounced as it usually does.
This is a good point. If lucky, we are at the beginning of the cycle, but something doesn't let me be so optimistic.
So whats the play?
