💰 CRYPTO REVENUE IS HEAVILY CONCENTRATED

Two protocols are dominating the revenue game:

⚡ $HYPE + Pump.fun → ~67%
đŸ”„ Add Ethena → ~80%

That’s an incredible concentration in just three ecosystems.

And it says something about the cycle 👇

When memecoins + perpetual trading dominate, retail speculation is usually running hot.

📍 Watch for the shift:
‱ Hyperliquid fees start falling
‱ Pump.fun activity cools down
‱ Capital begins rotating elsewhere

The biggest opportunity may come before the next sector gets crowded.

Follow the liquidity. Watch the rotation. 📊

$HYPE