one of the most prevalent narratives i see being pushed aggressively of late to explain the recent weakness in memecoins goes something like this

'crypto has changed for good. it is now being driven by institutions who are smart and do not have time for degen games. useless, vaporware memecoins and weak utility projects are dead for good. only tokens of revenue-generating protocols are worth buying'

this narrative looks strong in theory, but it immediately collapses in the face of actual data

let’s take a look at the performance of the tokens of the top 10 crypto protocols by revenue since Oct 10

- $PUMP down 70% from Oct 10
- $MET down 63% from TGE on Oct 23
- $JUP down 58% from Oct 10
- $LDO down 56% from Oct 10
- $HYPE down 48% from Oct 10
- $AAVE down 47% from Oct 10
- $BNB down 35% from Oct 10
- $UNI down 33% from Oct 10

(Tether and Circle were excluded since they currently do not have a token)

the above is just data since the Oct 10 liquidations btw

it doesn’t even take into account the fact that most of the so-called 'strong utility altcoins' have been stuck in a multi-year, or even multi-cycle, bear market while a lot of new memecoins have gone parabolic and created a generational wealth effect for an army of people this cycle

like it or not, memecoins will once again bounce the hardest at the slightest clear sign that liquidity has returned to the market — as has been the case every other time this cycle

you’d be better off buying $USELESS coin and chilling until liquidity conditions improve than 'investing' in a lot of the so-called 'strong utility altcoins' in the market today where you ultimately end up being exit liquidity for VCs and institutional investors that are up bajillions on 'useful' tokens they bought for pennies on the dollars and are now desperate to sell