# MEME COIN

By [keerikkadan](https://paragraph.com/@69283) · 2024-03-03

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Historic Parallels

Back in 2016, @jmonegro authored the most profitable thesis in crypto history: "Fat Protocols"

Ethereum was ~$1b mc

Fast forward to 2018, and on the back of ETH's incredible 2017 run, a new class of "alt-L1s" launched at extremely reasonable valuations

Most, even early investors, faded them.

Study Multicoin's fellow early Solana investors, many of whom sold their SOL to Kyle and Tushar below 10-50c several times.

Those sellers experienced immense pain when SOL went to $1b MC -- just like the pain posters today who sold millions worth of WIF for the price of a two night stay at the Wynn.

Thing is, SOL went a lot higher than $1b.

The real pain was yet to come.

Similarly, today we see a world in which:

*   Doge/Shiba ran last cycle leaving the world in disbelief
    
*   A new class of alternative memecoins launched through 2022-2023 at very low valuations
    
*   They melted faces with WIF and BONK going to 1b+ and many others
    
*   Early buyers sold to higher conviction buyers for nothing
    
*   Few outside of the highest conviction players seem to be betting on massive continuation at a venture scale from here
    
*   Is the real pain yet to come?
    

Most here are eager to call tops, not 50xs.

Most VCs are sidelined, unable or unwilling to buy (barring a few early examples like @Rewkang buying TRUMP).

The intellectuals disdain or disregard the memes, not so unlike the disdain for L1s many years ago.

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*Originally published on [keerikkadan](https://paragraph.com/@69283/meme-coin)*