Initially skeptical of meme coins, the author has found compelling reasons for their significance in the current crypto bull run. Recent trends reveal a pyramid scheme-like structure where initially wealthy participants profit while retail investors often serve as exit liquidity. The article highlights how the crypto market has evolved from software production to a token-centric economy, driven by massive token overproduction and inflated valuations, with most altcoins failing to generate revenue to support their worth.
The crypto industry has transitioned from being a software production domain to a token production industry, which exemplifies the overproduction and inflated valuations.
Memecoins represent a microcosm of a broader financial system where retail traders often find themselves as exit liquidity amid a predatory wealth extraction pyramid.
Collection
[
|
...
]