"dad what where you doing during the great AI equity bullrun of 2026?" "I was trading fartcoin on the 4h"

Name & Symbol: Fartcoin ($Fartcoin)
Address: 9BB6NFEcjBCtnNLFko2FqVQBq8HHM13kCyYcdQbgpump

Personally felt this at Token2049 last year. For the first time, the “electricity” wasn’t there. Usually the room is buzzing with new trends and fresh verticals. Even after FTX and Terra, 2023 still had a build narrative: AI, Account Abstraction, Intents, ZK, FHE, DePIN, and Interoperability. It was messy and early, but it felt mission-driven. This time, too many people sounded numb.

Name & Symbol: Mind Network ($FHE)
Address: 0xd55c9fb62e176a8eb6968f32958fefdd0962727e

Market color from Token2049 - Everyone was universally bearish at a trader’s cocktail hour I attended at the last Token in 2024. We put on the most risk for the year not long after that and it ended up being a good decision. This time around, sentiment is much more mixed: everyone is bullish $BTC long term parroting the same thesis, but no one managing consequential amounts seems to have actual conviction for anything else in crypto long term from these price levels. Obvious that most representative group of survivors left with meaningful capital are traders, as most product talk is about perp dexs. Lots of discussions around Hyperliquid, Binance’s response, and the next players. Pockets of wholesome attempts at earnest innovation in DeSci, DePin, but rare. Market views are 50/50 split with credible reasons on both sides. - Bulls: easing monetary environment, BTC = coiled spring lagging gold and will drag market up, revenue meta generally much healthier than memecoin meta and could last longer - Bears: hot ball of money evidenced $HYPE -> $ASTER -> $XPL, no new net inflows, still no net new experimentation that inspires confidence. DATs are obvious slow bleed outcomes and end of cycle phenomena

Name & Symbol: Aster ($ASTER)
Address: 0x000ae314e2a2172a039b26378814c252734f556a

Market color from Token2049 - Everyone was universally bearish at a trader’s cocktail hour I attended at the last Token in 2024. We put on the most risk for the year not long after that and it ended up being a good decision. This time around, sentiment is much more mixed: everyone is bullish $BTC long term parroting the same thesis, but no one managing consequential amounts seems to have actual conviction for anything else in crypto long term from these price levels. Obvious that most representative group of survivors left with meaningful capital are traders, as most product talk is about perp dexs. Lots of discussions around Hyperliquid, Binance’s response, and the next players. Pockets of wholesome attempts at earnest innovation in DeSci, DePin, but rare. Market views are 50/50 split with credible reasons on both sides. - Bulls: easing monetary environment, BTC = coiled spring lagging gold and will drag market up, revenue meta generally much healthier than memecoin meta and could last longer - Bears: hot ball of money evidenced $HYPE -> $ASTER -> $XPL, no new net inflows, still no net new experimentation that inspires confidence. DATs are obvious slow bleed outcomes and end of cycle phenomena

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

Market thoughts on crypto - Everyone was universally bearish at a trader’s cocktail hour I attended at the last Token in 2024. We put on the most risk for the year not long after that and it ended up being a good decision. This time around, sentiment is much more mixed: everyone is bullish $BTC long term parroting the same thesis, but no one managing consequential amounts seems to have actual conviction for anything else in crypto long term from these price levels. Obvious that most representative group of survivors left with meaningful capital are traders, as most product talk is about perp dexs. Lots of discussions around Hyperliquid, Binance’s response, and the next players. Pockets of wholesome attempts at earnest innovation in DeSci, DePin, but rare. Market views are 50/50 split with credible reasons on both sides. - Bulls: easing monetary environment, BTC = coiled spring lagging gold and will drag market up, revenue meta generally much healthier than memecoin meta and could last longer - Bears: hot ball of money evidenced $HYPE -> $ASTER -> $XPL, no new net inflows, still no net new experimentation that inspires confidence. DATs are obvious slow bleed outcomes and end of cycle phenomena

Name & Symbol: Aster ($ASTER)
Address: 0x000ae314e2a2172a039b26378814c252734f556a

Market thoughts on crypto - Everyone was universally bearish at a trader’s cocktail hour I attended at the last Token in 2024. We put on the most risk for the year not long after that and it ended up being a good decision. This time around, sentiment is much more mixed: everyone is bullish $BTC long term parroting the same thesis, but no one managing consequential amounts seems to have actual conviction for anything else in crypto long term from these price levels. Obvious that most representative group of survivors left with meaningful capital are traders, as most product talk is about perp dexs. Lots of discussions around Hyperliquid, Binance’s response, and the next players. Pockets of wholesome attempts at earnest innovation in DeSci, DePin, but rare. Market views are 50/50 split with credible reasons on both sides. - Bulls: easing monetary environment, BTC = coiled spring lagging gold and will drag market up, revenue meta generally much healthier than memecoin meta and could last longer - Bears: hot ball of money evidenced $HYPE -> $ASTER -> $XPL, no new net inflows, still no net new experimentation that inspires confidence. DATs are obvious slow bleed outcomes and end of cycle phenomena

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

Plasma $XPL doing well is a welcoming sight. - Raised $24M from VCs - $50M from @echodotxyz @cobie - Actual utility focused (free stablecoin tx) Refutation of “VC coin default bad”, “memes > tech”, and validation of one crypto’s original use cases, crowdfunding. No dog in the fight currently, but this is everything I missed in crypto.

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0