As Bitcoin breaks through $110,000 again, the market greed index continues to rise, especially as the enthusiasm for altcoin season is reignited; however, the subsequent market fluctuations shatter that illusion once again.
Unlike the panic in many shanzhai markets, Bitcoin is fluctuating closer to $110,000 again, and Ethereum is also showing a breakthrough trend. So, what super Alpha opportunities will come next? Is MeMe still the super crypto track?
Joshua Deuk, the trading director of Mozaik Capital, reviewed the current market conditions and future trends.
The following is the main text:
This weekend, with more time to reflect, I would like to share some thoughts about the market.
I believe the overall directional trend of the cryptocurrency market will not become apparent until after September. Considering the macroeconomic headwinds, summer liquidity constraints, and the positioning adjustments at the end of the quarter, the real market dynamics will only start to emerge when market participants return after the August holidays. From recent market activities, most altcoin rallies have been driven by short squeezes. Traders, conditioned by the previous rebound, are chasing momentum — but this time there are no real long-term holders. Most people have already been severely impacted by the market before. As expected, the vast majority of tokens that experienced sharp rises subsequently went through equally severe declines.
Ethereum unexpectedly rebounded, with the most impacted sectors, such as AI and MeMe coins, leading this rebound. On the other hand, tokens with practical use cases, strong fundamentals, or buyback mechanisms have shown resilience—not only performing more steadily during the downturn but also recovering more quickly. Syrup, Hype, and AAVE are good examples. Although SPX is a MeMe coin, its structure is entirely different. From this, we can distill the following insights:
01
The demand for Bitcoin is real and lasting.
Traditional capital is gradually entering through ETFs and other regulated channels.
The nature of capital supporting BTC now is completely different from previous cycles. This is why large-scale BTC liquidations are unlikely to occur unless triggered by macro events.
02
The internal differentiation of altcoins will intensify.
Ultimately, capital will flow back to altcoins—but it won't be universal. Only tokens with clear purposes and actual use cases are likely to attract this influx of funds. That's why I believe Ethereum will outperform Solana. Regulatory clarity, the increasing usage of decentralized finance, the deflationary structure, and staking demand together create a powerful flywheel effect. Moreover, since ETH has long failed to meet expectations, it still has marginal buyers waiting in the over-the-counter market.
03
Tokens supported by venture capital carry structural risks.
Token unlocks will continue to exert pressure on price trends. In the case of insufficient liquidity, the ongoing selling pressure from validators and early investors limits the upside potential. This is why I believe that tokens with overvalued valuations on centralized exchanges are not a good choice for the future. Tokens in the Cosmos ecosystem, in particular, face persistent selling pressure due to their validator reward structure, which leads to this situation.
04
MeMe has structural advantages
In this case, MeMe has a structural advantage, with no venture capital unlocks, a fair launch, and 100% based on attention. This is purely a hype mechanism - just like in the first cycle, it worked.
But I think this stage is coming to an end.
The Token generation event of Pump.fun and the launch of Trump Coin marked the peak of attention for MeMe Coin. Since then, interest in MeMe Coin has begun to decline. Even in the rebound in April, SOL's performance was not as good as ETH—if everyone already holds SOL, who will be the marginal buyer when the momentum for MeMe Coin fades?
Some MeMe coins may still perform well, especially those that have gained popularity outside of crypto Twitter, such as on TikTok or Instagram, driven by charismatic figures like MURAD. These may still bring asymmetric wealth effects. However, the era of "cute dog and cat coins" as alpha has ended. Only those MeMe coins with strong narratives and strong market recognition—things that people can collectively believe in—hold true speculative value.
Ironically, the fatigue and skepticism surrounding venture capital-backed tokens have opened the door for fair launch Web2/3 projects, which will become the next wave of wealth generation opportunities.
Keeta is a great example. But to seize these opportunities, you need to be active on the chain. When there is information asymmetry, big opportunities always emerge. Once everyone knows about something, it no longer has returns.
This is why I spend more time closely monitoring the on-chain market. Keeta's success has ignited the desire to find the "next Keeta," and capital is beginning to chase similar fair launch altcoin narratives. Just like that guy Bonk who made a 10-digit fortune trading MeMe coins – attention directs capital.
05
Next market trend
So, if meme coins are no longer the opportunity... what's next?
My view: The combination of AI and cryptocurrency.
If you have been following my timeline, you would know that most of my operations during this cycle—after the early stages of SOL and venture capital-backed tokens—have been focused on MeMe coin and AI.
Just like the DeFi summer, most early AI projects failed after the hype. But the truly utility-based projects are quietly building during this bear market.
We have already seen some of these projects appear on the chain.
As the profits of MeMe coin dwindle, attention will naturally shift to new narratives.
AI, with its clear practicality, is very suitable to become the next destination.
Many AI x Crypto projects are fairly launched, echoing Keeta's narrative.
This is why I spent time researching and positioning myself in this field during the quieter weeks. There is no need to rush to build a full position now—but I believe that if the market experiences a strong rally again, this field will hold the greatest asymmetric opportunities.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
From MeMe to AI: Where are the new opportunities in the crypto market?
Author: Joshua Deuk
Editor's Note:
As Bitcoin breaks through $110,000 again, the market greed index continues to rise, especially as the enthusiasm for altcoin season is reignited; however, the subsequent market fluctuations shatter that illusion once again.
Unlike the panic in many shanzhai markets, Bitcoin is fluctuating closer to $110,000 again, and Ethereum is also showing a breakthrough trend. So, what super Alpha opportunities will come next? Is MeMe still the super crypto track?
Joshua Deuk, the trading director of Mozaik Capital, reviewed the current market conditions and future trends.
The following is the main text:
This weekend, with more time to reflect, I would like to share some thoughts about the market.
I believe the overall directional trend of the cryptocurrency market will not become apparent until after September. Considering the macroeconomic headwinds, summer liquidity constraints, and the positioning adjustments at the end of the quarter, the real market dynamics will only start to emerge when market participants return after the August holidays. From recent market activities, most altcoin rallies have been driven by short squeezes. Traders, conditioned by the previous rebound, are chasing momentum — but this time there are no real long-term holders. Most people have already been severely impacted by the market before. As expected, the vast majority of tokens that experienced sharp rises subsequently went through equally severe declines.
Ethereum unexpectedly rebounded, with the most impacted sectors, such as AI and MeMe coins, leading this rebound. On the other hand, tokens with practical use cases, strong fundamentals, or buyback mechanisms have shown resilience—not only performing more steadily during the downturn but also recovering more quickly. Syrup, Hype, and AAVE are good examples. Although SPX is a MeMe coin, its structure is entirely different. From this, we can distill the following insights:
01
The demand for Bitcoin is real and lasting.
Traditional capital is gradually entering through ETFs and other regulated channels.
The nature of capital supporting BTC now is completely different from previous cycles. This is why large-scale BTC liquidations are unlikely to occur unless triggered by macro events.
02
The internal differentiation of altcoins will intensify.
Ultimately, capital will flow back to altcoins—but it won't be universal. Only tokens with clear purposes and actual use cases are likely to attract this influx of funds. That's why I believe Ethereum will outperform Solana. Regulatory clarity, the increasing usage of decentralized finance, the deflationary structure, and staking demand together create a powerful flywheel effect. Moreover, since ETH has long failed to meet expectations, it still has marginal buyers waiting in the over-the-counter market.
03
Tokens supported by venture capital carry structural risks.
Token unlocks will continue to exert pressure on price trends. In the case of insufficient liquidity, the ongoing selling pressure from validators and early investors limits the upside potential. This is why I believe that tokens with overvalued valuations on centralized exchanges are not a good choice for the future. Tokens in the Cosmos ecosystem, in particular, face persistent selling pressure due to their validator reward structure, which leads to this situation.
04
MeMe has structural advantages
In this case, MeMe has a structural advantage, with no venture capital unlocks, a fair launch, and 100% based on attention. This is purely a hype mechanism - just like in the first cycle, it worked.
But I think this stage is coming to an end.
The Token generation event of Pump.fun and the launch of Trump Coin marked the peak of attention for MeMe Coin. Since then, interest in MeMe Coin has begun to decline. Even in the rebound in April, SOL's performance was not as good as ETH—if everyone already holds SOL, who will be the marginal buyer when the momentum for MeMe Coin fades?
Some MeMe coins may still perform well, especially those that have gained popularity outside of crypto Twitter, such as on TikTok or Instagram, driven by charismatic figures like MURAD. These may still bring asymmetric wealth effects. However, the era of "cute dog and cat coins" as alpha has ended. Only those MeMe coins with strong narratives and strong market recognition—things that people can collectively believe in—hold true speculative value.
Ironically, the fatigue and skepticism surrounding venture capital-backed tokens have opened the door for fair launch Web2/3 projects, which will become the next wave of wealth generation opportunities.
Keeta is a great example. But to seize these opportunities, you need to be active on the chain. When there is information asymmetry, big opportunities always emerge. Once everyone knows about something, it no longer has returns.
This is why I spend more time closely monitoring the on-chain market. Keeta's success has ignited the desire to find the "next Keeta," and capital is beginning to chase similar fair launch altcoin narratives. Just like that guy Bonk who made a 10-digit fortune trading MeMe coins – attention directs capital.
05
Next market trend
So, if meme coins are no longer the opportunity... what's next?
My view: The combination of AI and cryptocurrency.
If you have been following my timeline, you would know that most of my operations during this cycle—after the early stages of SOL and venture capital-backed tokens—have been focused on MeMe coin and AI.
Just like the DeFi summer, most early AI projects failed after the hype. But the truly utility-based projects are quietly building during this bear market. We have already seen some of these projects appear on the chain.
As the profits of MeMe coin dwindle, attention will naturally shift to new narratives. AI, with its clear practicality, is very suitable to become the next destination.
Many AI x Crypto projects are fairly launched, echoing Keeta's narrative.
This is why I spent time researching and positioning myself in this field during the quieter weeks. There is no need to rush to build a full position now—but I believe that if the market experiences a strong rally again, this field will hold the greatest asymmetric opportunities.