market in a weird spot where

> people are tired of memes

> want something more legit

> but still want number go up

> new metas are unsustainable bc they quickly reach "overvalued", but they have nothing to show -> reverts back to mean

solution:

> lots of existing protocols that show growth, who are now at undervalued prices - eg mpl, frax, pendle, etc.

> lots of new protocols that havent experienced the cycle high to the overvalued stage, who have been quietly building and can quickly re-rate higher

- eg initia as an example of something re-rated

im a fan of bidding such alts rather than onchain overvalued tokens, onchain is cool but it re-rates too quickly & gets diluted in hours;

people are tired of getting diluted now -> go back to cexes who have stricter requirements but coins that are cheap (sub 150m)