Tokenized pairs are creating fake scarcity for memecoins — higher creation costs when the base asset is limited. Plus pairs naturally kill the PvP problem because it's way harder to dethrone the winning memecoin in that pair.

When all memecoins use the same denominator they just cannibalize each other fighting for attention.

But real talk — the meta isn't why valuations are pumping. It's the exponential growth of mobile apps and social trading. As long as those apps grow, onchain will keep growing.

Social trading hasn't hit its growing pains yet but when it does it's gonna be ugly. After all, mutually assured destruction looks a lot like world peace 💀