The cheat code for alt outperformance is buying stuff that will eventually rerate due to real fundamentals (revenue and evidence of PMF, not just theoretical TAM) whilst CT calls the coin vapour due to bad/lagging PA. In other words: disconnect between fundamentals, valuation and sentiment. It is not more complicated than that. This is mostly done in the bear, but also early stage bull. solana:Grass7B4RdKfBCjTKgSqnXkqjwiGvQyFbuSCUJr3XXjs

Doing a little bit of a data dive into the Stonk ecosystem flywheel and holder rewards. - $ZEC holders on Solana have climbed to 85,642. - 32,167 wallets have been rewarded ZEC by holding solana:HcRLc9VDgjLeK154xDawfb1dmVJ98DoSqcwTHGqiDeJR. -18,188 wallets got their FIRST-EVER $ZEC via ZCAT and Stonk @LaunchOnSF is helping grow your community on @solana

if you're crawling out of the desolate, smoldering wasteland that was onchain trading the past two years, and the below quote tweet seems like a bewilderingly uplifting act of positivity, and your kneejerk reaction is one of (deeply earned) skepticism, you might be shocked at how good the vibes are on stonk fun. but let me qualify that: i've been looking for tokenomics that solve the problem of the mexican standoff, "rusty knife fight in an alley" death zone that has dominated the culture, and trying to find a path that, while still competitive in many aspects, is slower, easier to understand, and *critically*: finds a simple and sophisticated way to make long-term holding the same coin, or small basket of coins, as lucrative, or more lucrative, than the post-bonding-curve era Dantean hell we've been in, where it's a tangled pile of wretched bodies in a dimly lit chamber, crawling all over each other in a writhing mess, to try to stick their maws into a tiny feeding troph that only appears for a brief glimmer of time; all the 30k toppers, 80k toppers, gaslighting each other into buying absolutely nothing, in an endless churn. and that better path needs to do it not through social pressure or enforcement, but through mechanisms that target the basest incentive layers of maximizing profit. it's not a trivial problem to solve. i think stonk fun's tokenomics (fair launch, buyback/burn flywheel akin to hyperliquid, the coins in the eco reward holding by instantly airdropping without staking or claiming anywhere, the ecosystem buys/burns top 10 tokens, etc) and honestly, if you think "this is all just rose-tinted glasses BS, i've seen this sort of bull psyop before", i don't blame you i didn't get it until i dove in with two feet a few weeks ago, and then held my breath to see if it'd remain sticky, in a way that could last through to cycle culmination. i'd rather do this sort of psychotically-high-conviction bullposting of stonk fun eco (solana:8RVBk8vxLiUHueLUW1f4izFVqN3nWippLhkohKg6EGkS, solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx, solana:HcRLc9VDgjLeK154xDawfb1dmVJ98DoSqcwTHGqiDeJR, etc) while BTC and majors are in the shitter, and there's a large cohort of people that don't even believe the bear market is over than when we're at new highs, and things could silently tip back into a top at any moment, and this sort of flowery posting is hard to distinguish from carnival barker/snake oil exit liquidity scamming, before everything rolls over. right now though: this is the time to experiment and feel it out would encourage anyone on the sidelines of this new to buy some nominal amount and just see how it works.

if you're crawling out of the desolate, smoldering wasteland that was onchain trading the past two years, and the below quote tweet seems like a bewilderingly uplifting act of positivity, and your kneejerk reaction is one of (deeply earned) skepticism, you might be shocked at how good the vibes are on stonk fun. but let me qualify that: i've been looking for tokenomics that solve the problem of the mexican standoff, "rusty knife fight in an alley" death zone that has dominated the culture, and trying to find a path that, while still competitive in many aspects, is slower, easier to understand, and *critically*: finds a simple and sophisticated way to make long-term holding the same coin, or small basket of coins, as lucrative, or more lucrative, than the post-bonding-curve era Dantean hell we've been in, where it's a tangled pile of wretched bodies in a dimly lit chamber, crawling all over each other in a writhing mess, to try to stick their maws into a tiny feeding troph that only appears for a brief glimmer of time; all the 30k toppers, 80k toppers, gaslighting each other into buying absolutely nothing, in an endless churn. and that better path needs to do it not through social pressure or enforcement, but through mechanisms that target the basest incentive layers of maximizing profit. it's not a trivial problem to solve. i think stonk fun's tokenomics (fair launch, buyback/burn flywheel akin to hyperliquid, the coins in the eco reward holding by instantly airdropping without staking or claiming anywhere, the ecosystem buys/burns top 10 tokens, etc) and honestly, if you think "this is all just rose-tinted glasses BS, i've seen this sort of bull psyop before", i don't blame you i didn't get it until i dove in with two feet a few weeks ago, and then held my breath to see if it'd remain sticky, in a way that could last through to cycle culmination. i'd rather do this sort of psychotically-high-conviction bullposting of stonk fun eco (solana:8RVBk8vxLiUHueLUW1f4izFVqN3nWippLhkohKg6EGkS, solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx, solana:HcRLc9VDgjLeK154xDawfb1dmVJ98DoSqcwTHGqiDeJR, etc) while BTC and majors are in the shitter, and there's a large cohort of people that don't even believe the bear market is over than when we're at new highs, and things could silently tip back into a top at any moment, and this sort of flowery posting is hard to distinguish from carnival barker/snake oil exit liquidity scamming, before everything rolls over. right now though: this is the time to experiment and feel it out would encourage anyone on the sidelines of this new to buy some nominal amount and just see how it works.

if you're crawling out of the desolate, smoldering wasteland that was onchain trading the past two years, and the below quote tweet seems like a bewilderingly uplifting act of positivity, and your kneejerk reaction is one of (deeply earned) skepticism, you might be shocked at how good the vibes are on stonk fun. but let me qualify that: i've been looking for tokenomics that solve the problem of the mexican standoff, "rusty knife fight in an alley" death zone that has dominated the culture, and trying to find a path that, while still competitive in many aspects, is slower, easier to understand, and *critically*: finds a simple and sophisticated way to make long-term holding the same coin, or small basket of coins, as lucrative, or more lucrative, than the post-bonding-curve era Dantean hell we've been in, where it's a tangled pile of wretched bodies in a dimly lit chamber, crawling all over each other in a writhing mess, to try to stick their maws into a tiny feeding troph that only appears for a brief glimmer of time; all the 30k toppers, 80k toppers, gaslighting each other into buying absolutely nothing, in an endless churn. and that better path needs to do it not through social pressure or enforcement, but through mechanisms that target the basest incentive layers of maximizing profit. it's not a trivial problem to solve. i think stonk fun's tokenomics (fair launch, buyback/burn flywheel akin to hyperliquid, the coins in the eco reward holding by instantly airdropping without staking or claiming anywhere, the ecosystem buys/burns top 10 tokens, etc) and honestly, if you think "this is all just rose-tinted glasses BS, i've seen this sort of bull psyop before", i don't blame you i didn't get it until i dove in with two feet a few weeks ago, and then held my breath to see if it'd remain sticky, in a way that could last through to cycle culmination. i'd rather do this sort of psychotically-high-conviction bullposting of stonk fun eco (solana:8RVBk8vxLiUHueLUW1f4izFVqN3nWippLhkohKg6EGkS, solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx, solana:HcRLc9VDgjLeK154xDawfb1dmVJ98DoSqcwTHGqiDeJR, etc) while BTC and majors are in the shitter, and there's a large cohort of people that don't even believe the bear market is over than when we're at new highs, and things could silently tip back into a top at any moment, and this sort of flowery posting is hard to distinguish from carnival barker/snake oil exit liquidity scamming, before everything rolls over. right now though: this is the time to experiment and feel it out would encourage anyone on the sidelines of this new to buy some nominal amount and just see how it works.

What is the best explanation for why PUMP trades at like 2.3x revenue? It's one of the following, or a combination: • No one trusts the team/token holders lack clear rights • People know/assume the revenue isn't real • People assume the revenue isn't sustainable (this is now unlikely if the revenue is real) • The market is very wrong If you think it's the latter point, and have strong conviction/data that the market's concerns are unfounded, then it's probably the best opportunity in crypto at current prices (whether you like the business model or not).

One of the narratives I see people trying to push again on here is memes, and I'm seeing comparisons to 2023. I don't see that at all. In 2023 memes were a kind of reaction to the low float high FDV VC scams that had been forced on the market. They made "sense" as a counter movement to bring order and "fairness" (of course they weren't that fair) back to the market. It was also the first time the technology got good enough where anyone could create tokens with no real technical expertise and we had a proper scalable L1 in Solana for the first time, so we had a few things combining to create the conditions for an explosion. Look, I know memes will stick around in one form or another, and are kind of impossible to kill due to the lottery nature and return profile. There will always be a market for lotteries and hope (I'm not bearish Pump at these levels for this reason). But, there seems to be nothing new to the approach right now? People are citing that old memes will run again (conditions don't support this), and new ones are reliant on "attention", which is always fleeting. There are no new mechanisms here. We still haven't managed to nail social tokens as a result. Memes can have a run again in a new bull market if we have excessive liquidity, but this isn't a new narrative to dramatically usher in a new crypto bull run with new entrants. You can't continue to play the same game where the end outcome is known by all the existing players, with far fewer players and no new entrants, and expect different results. This is the definition of madness.

One of the narratives I see people trying to push again on here is memes, and I'm seeing comparisons to 2023. I don't see that at all. In 2023 memes were a kind of reaction to the low float high FDV VC scams that had been forced on the market. They made "sense" as a counter movement to bring order and "fairness" (of course they weren't that fair) back to the market. It was also the first time the technology got good enough where anyone could create tokens with no real technical expertise and we had a proper scalable L1 in Solana for the first time, so we had a few things combining to create the conditions for an explosion. Look, I know memes will stick around in one form or another, and are kind of impossible to kill due to the lottery nature and return profile. There will always be a market for lotteries and hope (I'm not bearish Pump at these levels for this reason). But, there seems to be nothing new to the approach right now? People are citing that old memes will run again (conditions don't support this), and new ones are reliant on "attention", which is always fleeting. There are no new mechanisms here. We still haven't managed to nail social tokens as a result. Memes can have a run again in a new bull market if we have excessive liquidity, but this isn't a new narrative to dramatically usher in a new crypto bull run with new entrants. You can't continue to play the same game where the end outcome is known by all the existing players, with far fewer players and no new entrants, and expect different results. This is the definition of madness.

As much as I would like to believe this, it gets said every bear market, and it usually preludes apocalyptic price action. Only $HYPE and maybe $VVV ( don't know how defensible the revenue is) could conceivably decouple due to having a product with PMF, which isn't necessarily reliant on crypto speculation. The rest of the list will eventually feel the pain of BTC going down as the participants holding those coins will not hold if Bitcoin legs down further, and they lack external positive flows. Let's see what happens.

I'll address $GRASS again. From a fundamentals POV it continues to execute against the original vision and the revenue is huge relative to almost any other crypto project. There is a lot going right on the business side. However, I became insanely frustrated with their total lack of comms, which remains an issue. This makes it pretty much impossible for investors to do due diligence, so the token doesn't trade anywhere near where it would if they were communicating effectively with a regular cadence. This is fixable, but there seems to be a lack of urgency/willingness to do it. I'm unsure why. My best guess is that there is a bit of a naive fear of open comms as a crypto project because they work with legitimate AI labs and hyperscalers. It's also illiquid onchain, and there have also been no attempts by the Foundation to do anything about this. It could be a giant crypto project, if they actually want to embrace the crypto side of their business which makes their business possible in the first place.

Great framework. $VVV chart came to mind as a perfect representation of this playing out. https://t.co/0Nw9FkHGLY