I keep hearing it everywhere: "meme coins are dead."

And honestly? They might be right this time.

Last year, meme coins were the entire narrative. They fueled Solana's insane pump, turned degenerates into millionaires, and made everyone believe they could catch the next 100x if they just scrolled Twitter hard enough. The dopamine was real. The lifestyle was unsustainable.

But then what happened?

We pivoted. The market moved on to perp DEXs like Hyperliquid. For a moment, everyone was convinced decentralized derivatives were the future. Leverage without CEX risk! Trade anything! The tech was genuinely impressive. But now? Already fading. The hype cycle compressed into weeks instead of months.

Then came the privacy coin revival. ZEC pumped, people started talking about financial sovereignty again, and for a brief window it felt like we remembered why crypto mattered in the first place. But that's declining too. Regulatory pressure, lack of retail interest, same old problems.

So here we are. Three narratives in rapid succession, each one burning brighter and faster than the last. And I'm sitting here wondering: what actually comes next?

Because here's the thing—the pattern isn't that these ideas are bad. It's that we're cycling through them too quickly to build anything real. We're not investing in narratives anymore. We're trading them. We're renting attention for a few weeks and moving on before the infrastructure even has time to mature.

Maybe the real question isn't "what's next?" but "why does everything feel like it's already over before it begins?"

I don't have an answer yet. But I'm watching. And I'm tired of chasing the new shiny thing only to watch it fade in my rearview mirror.

What do you think comes next? Or are we just stuck in this cycle until something fundamentally shifts?