> "Memecoins are to this cycle what NFTs were for the last cycle"
The default outcome is that Don is right.
But let me steel-man the other side and make the case for why Memecoins might be more resilient than NFTs.
The case:
NFT traders were implicitly trading attention flows while Memecoin traders are explicitly trading attention flows
That distinction changes the emotional and structural durability of the behavior
Let me explain:
The NFT collapse had a specific shape. The astute traders (who knew they were trading attention) grinded discords for a whitelist spot, minted early, and flipped to buyers who missed the list. "Long-term" buyers weren't clued in on the fact that NFT trading was actually just a game of attention flows and rotation. They held their positions because of promised roadmaps, games, and "utility”.
In reality, most NFTs were just “attention assets” but larped as products with roadmaps. As 99% of these projects inevitably failed to execute on their promises, tokens sank to 0.
When this happened, many users felt betrayed / scammed because they were sold a false story. There's nothing worse than feeling like you've been taken advantage of.
So you blame the scammers in crypto, stop trading NFTs, and leave.
Memecoins feel structurally different. There is no roadmap, no implied execution, no founder promising a future that must one day arrive. Everyone buying memecoins knows what game they are playing.
Will this this meme / trend get more attention tomorrow?
The entire meta relies on a simple, self-sustaining belief that other people just like you are also trading attention flows.
So when a token goes to zero, you don’t feel like you've been deceived. You blame yourself for misreading the flow.
That distinction might be enough to keep the behavior alive far longer than expected.
https://x.com/CryptoDonAlt/status/1991430825834152430
