🐶 We’ve seen similar phenomena to memecoins in previous cycles. The first wave of altcoins and NFT mania are two examples. The majority were simply copies and clones with little original about them.

These things often happen when the big “narratives” for the cycle go quiet. It’s almost like they’re a product of boredom. Nature abhors a vacuum, as the saying goes, and these low-quality crypto tokens flood into the gap.

That’s not to say that there aren’t trailblazing altcoins, NFTs or memecoins. Quite the opposite: the more impressive and attractive something is, the more the pretenders think it’s worth copying.