Always humors me when people suggest an asset is “crowded” without reference to valuation — saw it with $SOL from 2023-2024, and now $HYPE.

1) There’s a big difference between many people owning something and many people being properly sized for the opportunity. Dabbling ≠ Conviction.

2) This creates scenarios where the market can still dramatically underprice an asset, despite it dominating Twitter mindshare. Attention ≠ Allocation.

Bonus: Sometimes hot assets sometimes accrue scarcity premiums in excess of fundamentals because there are so few high-quality ideas you can size into. When opportunities are scarce, capital concentrates in the winners.