The legitimization of crypto has killed what we have known crypto to be. 99.9% of coins going to 0 isn't a new concept, but their lifespans are shorter while offered next to real companies, tradfi. Memes are pure attention and attention is ultimately fleeting. On long enough time scale they all go to 0 without a complementary narrative (BTC = SOV) or a message so powerful it's nothing short of God himself (genuine religion). It's not just the memes that the newer class has grown up on that have been cast out of the light, even utility tokens are shit without big, consistent, revenues. Thrust onto the same stage as equities, revenue generating companies, and a select few crypto projects with strong revenue and buybacks. Suddenly P/E ratios start to matter. And in a way, revenue and buybacks, AKA reality, is much more limiting than our prior diagnostic model: our imaginations Without real underlying business the exit always means dumping on fools asap and that game - how to rape retail - has been ultraprofessionalized and figured out to a T. "The trenches" was never a sustainable model. It was a moment, and the moment has passed. That doesn't mean there won't be liquidity injections in the future and another flare up of chasing 100x's on the daily for a bit, but those times are destined for a few special occasions, not the status quo. By now we all know how those moments inevitably end. The greater fools increaaingly jaded over decades. The reckoning has been a long time coming, since before most participants today even discovered crypto, long before the trenches existed. We had multiple cycles of this fugazi pump and dump market since ~2013. Crypto was still so small, there was always a new high to reach because we had yet to see mainstream. It lasted longer than we ever expected, anyone who joined 8+ years ago knew deep down, "there's no way this can last," but then it did for many years, convincing us it was always going to be here to stay. Who will survive in America?