# MEME COIN

**Published by:** [keerikkadan](https://paragraph.com/@69283/)
**Published on:** 2024-03-03
**URL:** https://paragraph.com/@69283/meme-coin

## Content

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 disbeliefA new class of alternative memecoins launched through 2022-2023 at very low valuationsThey melted faces with WIF and BONK going to 1b+ and many othersEarly buyers sold to higher conviction buyers for nothingFew outside of the highest conviction players seem to be betting on massive continuation at a venture scale from hereIs 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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