Author: Joshua Deuk
Editor's note:
As Bitcoin breaks through $110,000 again, the market greed index continues to soar, especially with the enthusiasm for altcoin season reignited; however, the subsequent market fluctuations again shatter the illusion.
Unlike the panic in many altcoin markets, Bitcoin is once again oscillating closer to $110,000, and Ethereum is also showing signs of a breakout. So, what super alpha opportunities lie ahead? Is MeMe still the super crypto track?
Joshua Deuk, Head of Trading at Mozaik Capital, reviewed the current market conditions and future trends.
The following is the main text:
This weekend, with more time for reflection, I want to share some thoughts on the market.
I believe the overall directional trend of the cryptocurrency market will become apparent only after September. Given the macroeconomic resistance, summer liquidity constraints, and quarterly position adjustments, the real market dynamics will only begin when market participants return after the August holidays. From recent market activity, most altcoin rises have been driven by short squeezes. Traders, conditioned by previous rebounds, chase momentum—but this time there are no real long-term holders. Most have already been severely impacted by the market. As expected, the vast majority of tokens that sharply rose experienced equally sharp declines afterward.
Ethereum unexpectedly rebounds, while the most battered sectors, such as AI and MeMe coins, lead this rebound. On the other hand, tokens with real utility, strong fundamentals, or buyback mechanisms show resilience—not only performing better during downturns but also recovering more quickly. Syrup, Hype, and AAVE are excellent examples. SPX, although a MeMe coin, has a completely different structure. From this, we can distill the following insights:
01
Bitcoin demand is real and persistent.
Traditional capital is gradually entering through ETFs and other regulated channels.
The nature of the capital supporting BTC is now completely different from previous cycles. This is why large-scale BTC liquidations are unlikely to occur unless triggered by macro events.
02
The internal differentiation among altcoins will intensify.
Ultimately, capital will flow back into altcoins—but it won't be comprehensive. Only tokens with clear use cases and practical applications are likely to attract these funds. That's why I believe Ethereum will outperform Solana. Regulatory clarity, increasing decentralized finance usage, deflationary structures, and staking demand together create a powerful flywheel effect. Moreover, because ETH has long failed to meet expectations, it still has marginal buyers waiting off-market.
03
Venture capital-backed tokens carry structural risks.
Token unlocks will continue to pressure price trends. In a liquidity-starved environment, continued selling pressure from validators and early investors limits the upside. This is why I believe that overvalued tokens listed on centralized exchanges are not a good choice for the future. Tokens in the Cosmos ecosystem, in particular, face ongoing selling pressure due to their validator reward structure.
04
MeMe has a structural advantage.
In this case, MeMe has a structural advantage with no venture capital unlocks, fair launches, and 100% based on attention. This is a purely speculative mechanism—just like in the first cycle, it has worked.
But I believe this phase is coming to an end.
The token generation event of Pump.fun and the launch of Trump coins marked the peak of attention for MeMe coins. After that, interest in MeMe coins began to wane. Even during the April rebound, SOL's performance lagged behind ETH—if everyone already holds SOL, who will be the marginal buyer when the momentum for MeMe coins fades?
Some MeMe coins may still perform well, especially those that have gained popularity outside of crypto Twitter, such as those driven by charismatic figures like MURAD on TikTok or Instagram. These could still bring asymmetric wealth effects. However, the era of 'cute dog and cat coins' as alpha is over. Only those MeMe coins with strong narratives and significant market recognition—things that people can collectively believe in—hold real speculative value.
Ironically, the fatigue and skepticism towards venture capital-backed tokens have opened the door for fairly launched Web2/3 projects, which will become the next wave of wealth generation opportunities.
Keeta is a great example. But to seize these opportunities, you need to be active on-chain. When there is information asymmetry, big opportunities always emerge. Once everyone knows something, it no longer offers returns.
That's why I spend more time closely monitoring the on-chain market. Keeta's success has ignited the desire to find the 'next Keeta,' and capital has begun to chase similar fair launch altcoin narratives. Just like that guy from Bonk who made over ten figures trading MeMe coins—attention guides capital.
05
Next market trends
So, if meme coins are no longer where the opportunities lie... what's next?
My view: The combination of AI and cryptocurrency.
If you have followed my timeline, you will know that most of my operations in this cycle—after the early days of SOL and venture capital-backed tokens—focused on MeMe coins and AI.
Just like during DeFi summer, most early AI projects failed after the hype. But truly utility-based projects are quietly being built during this bear market.
We have already seen some of these projects emerging on-chain.As the profits of MeMe coins dwindle, attention will naturally turn to new narratives.
AI, with its clear practicality, is very suitable to become the next destination.Many AI x Crypto projects are fairly launched, echoing the narrative of Keeta.
That's why I spent time researching and positioning in this area during the quiet weeks. There is no need to rush to establish full positions now—but I believe that if the market experiences strong gains again, this sector will contain the greatest asymmetric opportunities.
