Market cycles are a kind of loop. Last year, due to overly high opening valuations and continuous token unlocks creating sell pressure, VC coins were practically being criticized by everyone. On-chain Meme coins, on the other hand, took the spotlight thanks to advantages like full circulation and the opportunity to buy in at extremely low levels. However, as the narrative around Meme coins started to lack novelty, ceilings became hard to break, and on-chain liquidity began to fade, the trend gradually shifted toward projects with real-world applications paired with impressive revenue, or VC projects with strong backing, high control, and low circulation. For retail investors, though, the most important thing is still the wealth effect. As long as there’s a convincing positive narrative paired with solid price pumps, no one’s going to dislike such projects.