Author: Dayu
CRCL surged to 300, with trading volume breaking 10 billion, unfortunately understanding came slightly late - but being late is better than missing out, I'd rather be trapped than not get on board, not getting on board is more painful than a breakup - even if the bride price is buying CRCL at 250, I'd agree.
Looking at the crypto, it's already completely cooled down, for comprehensive and deep-seated reasons, simply including the following points:
1. VCs have been cut/are being cut, they won't come back
VCs participated in projects with overly high valuations, like MOVE, Bearchain, Eigenlayer I previously mentioned - from comment feedback, it's clear which were setups and which VCs truly invested due to ideals.
Those setting up traps already knew who to cut and how, after cutting they won't return - cursing while leaving. They're actually the clearest, knowing that except for BTC, 99% of altcoins are shit coins.
Idealistic VCs clearly thought this BTC wave would hit 100,000 or 250,000, and protocols like Eigenlayer would soar with ETH breaking 10,000 or 20,000, making tens of billions in valuation not expensive - but before coins even unlock, the crypto has already completely cooled down.
These VCs won't stay either, because their LPs have already lost 60-90%, funds are either dissolving or barely hanging on. From what I know, many first-tier crypto funds are almost completely scattered, with only a few "remaining staff" left to handle pending token releases.
If interviewing many first-tier VCs and asking them to summarize in one sentence, I think it would be: I'm an idiot, should have just bought BTC.
2. Innovation within crypto is exhausted
Previous bull markets, whether ICO, DeFi, or NFT, were great innovations with some lasting elements. This round only has a limping innovation - inscriptions - which won't preserve anything because everyone realizes it's not truly innovative.
Is there still innovation in crypto? It's debatable. Internally, probably not - while unable to definitively predict the future, the probability of great innovation has dropped from 50% to 10%; externally, innovation is becoming great.
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People who don't understand meme would think, what does that have to do with your shit coin. Actually, understanding PEPE makes it easier to understand labubu, both are bought overseas, and only rise in China. That PEPE frog is an internet meme, what does it have to do with crypto? It's just that PEPE initially stood firm at tens of millions.
Currently, the only cultural item that outsiders understand is labubu, and this popularity is incomparable to the three-minute hype of an old horse posting a picture.
For meme, if you want to gamble, bet on something with long-term and high potential.
Currently holding BTC hype hsk labubu, related interests, whether to buy please research yourself.
Stock market PDD, UNH, Coinbase, Tencent, and newly added CRCL speculative small position
