Super fun onchain right now, but it’s clear how this game ends:

100s of millions in USD are sitting in unrealized PnL, with very limited onchain liquidity.

FOMO trop uPnL traders are locked in (3,3) unwilling to sell: both to avoid nuking the tokens and because of potential reputational damage.

We're like in the air of inflated valuations and the fun can continue as long as there are new buyers and biggest holders don't sell.

but this meta will end like others before:

Attention will expand to copy-paste the same playbook from RH to Solana (currently happening) then potentially to Arc and then other venues. Maybe Base gets their shit together.

More and more tokens are being printed and while degen limited attention gets diluted the LP pools get thinner and USD flows per token are diluted as well.

All we need is some panic in the market and FOMO top players nuke their charts one by one because, well, 'everyone was selling. How could I hold?'

Similarly LPs, who are degen farming (like me) will withdraw liquidity the moment its needed the most.

Pools will get thinner and volatility will get worse. When memecoins nuke they get less interesting to buy because PRICE is the product.

(unlike revenue tokens which get more attractive as token prices go down).

But I'm not a boomer!

The game is fun right now.

But if you are sitting on huge gains, take profits. The temptation to keep rotating them to other coins is strong.

And LPs, consider selling rewards to stablecoins instead of putting them back to the pools.

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