The 2017 ICO bull market ended, and 2019 had a mini bull run with IEOs. But it was DeFi that kicked off the 2020 bull market. The 2021 bull market ended, but DeFi 2.0 kept the hype going for a while. However, what triggered the on-chain wealth effect in 2023 and 2024 was inscriptions and the PumpFun internal and external market model. So, I don’t know what the new bull market will hype up, but I do know what it definitely won’t be. If the new bull market is still about speculating on someone’s PFP, then something’s definitely off.