Last crypto bull run sucked largely because of token oversupply. In previous cycles creating new tokens was costly (hard forked BTCs, new L1s or even whitepaper writing in ICO boom) but memecoin creation is cheap & fast. High-FDV launches with continuous token unlocks didn't help. Thus money flows and attention got dispersed into MILLIONS of assets. Compare it to the current AI trade, there are like ~30 or so AI stocks that absorb money+attention flows. It's extremely costly to launch new "AI trade" asset in tradfi. So for a sustained crypto rally we need to focus our attention into few assets that could/should rally and money will flow. High-revenue tokens, good-old L1s or DeFi 1.0 tokens as these are few. But I don't want them to memes because the moment one meme gets traction, thousands of copy-cats launch and the trade loses the steam. e.g., Robinhood asset failed to sustain rally as crypto overprinted shitcoins and the trade lost momentum. Another problem is broken incentives by KOLs: if a privacy coin like ZEC rallies, incentives lead to KOLs to shill privacy-beta trades because they are likely sidelined on the main asset and it pays them to shill lower MC token they bought first. So I hope that the next crypto narrative will manage to concentrate on a few assets that matter to sustain the rally. Success of this rally would spread beyond CT and new capital would flow in. Which inevitably will end up in the 'new meta' with token overprinting and another collapse...(Ignas | DeFi)