Two apps are eating the entire crypto revenue pie right now.
$HYPE and Pumpfun pull in 67% of all application revenue. Add Ethena and you're at 80%. Three protocols. That's the whole game.
Everyone else is scrapping for table scraps.
This tells you where we are in the cycle — memecoins and perp degen plays dominate when retail floods in. Mid-to-late cycle behavior. When these two fade, rotation starts.
If you're positioning for what's next, watch when Hyperliquid fees drop or Pumpfun volume dries up. That's your signal to rotate into whatever hasn't pumped yet.
Right now? The money's clear. Chase it or wait for the shift.
$HYPE and Pumpfun pull in 67% of all application revenue. Add Ethena and you're at 80%. Three protocols. That's the whole game.
Everyone else is scrapping for table scraps.
This tells you where we are in the cycle — memecoins and perp degen plays dominate when retail floods in. Mid-to-late cycle behavior. When these two fade, rotation starts.
If you're positioning for what's next, watch when Hyperliquid fees drop or Pumpfun volume dries up. That's your signal to rotate into whatever hasn't pumped yet.
Right now? The money's clear. Chase it or wait for the shift.
