THE MEMECOIN CYCLE: IT WAS ALWAYS ABOUT BEING EARLY

Summary from the TLDR Crypto newsletter

The memecoin market cycle of 2024-25 was driven by the pursuit of being “early,” evolving from BONK's initial success through increasingly absurd iterations like Dogwifhat and Fartcoin, before culminating in celebrity-backed tokens like TRUMP and LIBRA. The cycle progressed through phases from simple memes to engineered vitality, with insider groups increasingly manipulating launches and metrics. This hype cycle parallels the 2021 NFT cycle's evolution from community-driven projects to celebrity cash-grabs. The market reached its “twilight zone” when participants continued trading despite recognizing the manipulation, suggesting its natural conclusion as both peak absurdity and peak insider exploitation have been achieved.