The problem is that there’s no normies left to onboard after 2021 and all the institutions onboarding are busy doing dumb stuff like putting money markets onchain (I literally could not care less). — crypto total marketcap is up but no alt can get past the $5B mcap threshold. This is also why we’re seeing so many DATs. Foundations used to sell their tokens to uniformed retail newly entering the market, but this time there’s no new retail. So they’ve misinterpreted the “mandate” of microstrategy and think the traditional market wants exposure to their coins too. Maybe they do for now, but that won’t last. TradFi **should** be more discerning of revenue and metric growth on a long enough time horizon. I’m struggling to see what new pool of capital enters the market to send PUMP, ZORA, CARDS, etc… to new all time highs. Where are the liquid funds? Are they that small? Or what other coins are they buying beyond revenue generators?